President Donald J. Trump promoted principles for tax reform in a speech in Missouri Wednesday, but offered few specifics about whether he’d continue to target a deduction that benefits Connecticut more than most other states.
The president urged slashing the corporate tax rate, and “a tax code that is simple, fair, and easy to understand.”
“That means getting rid of the loopholes and complexity that primarily benefit the wealthiest Americans and special interests,” he said.
Trump didn’t say which loopholes he would nix, but plans put forward by both Trump and Congressional Republicans have targeted federal deductions for state and local taxes, which disproportionately benefit states with high taxes and high incomes — like Connecticut.
More than 700,000 Connecticut taxpayers in 2014 used the deductions to scratch an average of $19,000 from their taxable income. Click here to read The Mirror’s reporting earlier this month on Connecticut’s reliance on the deductions.