The proposed bill, General Assembly Proposed Bill No. 5081, seeks to amend chapter 229 of the general statutes by establishing an additional marginal rate for the personal income tax. Specifically, it introduces a new tax rate of at least four percent on any taxable income exceeding one million dollars. This change aims to increase tax revenue from high-income earners.

Furthermore, the bill stipulates that the revenue generated from this additional tax will be dedicated to specific purposes, including funding for education, higher education, child care, and the repair and maintenance of roads, bridges, and public transportation. This initiative is designed to enhance public services and infrastructure by leveraging additional funds from those with higher incomes.