General Discussion
In reply to the discussion: Tax Deductions are a HUGE form of welfare, and the richest people are getting the most welfare [View all]NutmegYankee
(16,170 posts)I'm a mechanical engineer, so I make a good wage. I would be in the 60-80% (4th 20%) portion of your link. CT has an interesting quirk in it's tax law - A single person making over 56K has the 3% income tax bracket phased out and replaced with 5%. It added about $600 a year to my income tax, which didn't bother me much as it covers an Earned income credit for the poor.
The high property taxes, high income taxes, and mortgage interest all feed the itemized deduction in federal taxes and helps make living in New England easier. It's not like we are leaching off the country - only 60% of what we pay in taxes comes back to us in services.
If you look at the table at the bottom, you see that the 4th 20% bracket has the highest tax load, but come in third highest overall because of the federal deduction offset. So yes, it's important to me.