WASHINGTON – The Senate decided to go its own way in overhauling the nation’s tax code, and it’s plan would have a different impact on Connecticut taxpayers than a similar House bill. One big change is that Connecticut homeowners would no longer be able to deduct their property taxes on their federal returns.
WASHINGTON – House GOP leaders unveiled a sweeping overhaul of the U.S. tax code Thursday, eliminating some popular tax breaks while lowering the tax rate for many Americans. Billed as a boon to the middle class by its supporters, the tax overhaul was panned by Democrats — including lawmakers from Connecticut –and some Republicans concerned about its elimination of of the popular deductions for state and local income taxes.
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 – U.S. Reps. John Larson, Elizabeth Esty, Rosa DeLauro and Joe Courtney split from their party leaders Thursday in voting for a tax package that would make permanent a research and development tax break benefiting many Connecticut companies and tax credits to help low-income families.