WASHINGTON – The U.S. House on Thursday approved a wide-ranging overhaul of the federal tax code that will lower taxes for many in Connecticut, while hiking them for some, especially in middle-class tax brackets. The Institute for Taxation and Economic Policy said 305,000 Connecticut households earning less than $197,000 would see a tax increase under the bill.
WASHINGTON — President Donald Trump’s tax plan, which he unveiled in Indiana Wednesday, would aid affluent individuals in Connecticut and lower the corporate income tax rate paid by many businesses in the state. But its impact on the state’s middle- and lower-income filers is unclear, in part because the tax plan would eliminate a number of popular deductions.
WASHINGTON — The new tax plan released by the Trump administration Wednesday, would slash taxes for corporations and eliminate the estate tax, double the standard deduction and reduce the number of tax brackets from seven to three. If ever implemented, it would affect most Connecticut taxpayers.