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.
corporate taxes
Posted inMoney, Politics
CT tax commissioner says GOP plan would force many in state to pay more
WASHINGTON — Connecticut Commissioner of Revenue Services Kevin Sullivan says the House GOP tax bill “could provide some economic stimulus…for states like Connecticut,” but he also said the plan is “fundamentally flawed” and that many in the state would end up owing more in federal income taxes.
Posted inCT Viewpoints, Politics
Trump touts cut to corporate tax rate, but many CT companies already pay less
WASHINGTON — President Donald Trump’s framework for a tax overhaul would cut the top rate corporations pay from 35 to 20 percent, but many corporations – including some headquartered or with a large presence in Connecticut – already are paying less than the corporate rate. There are also questions about Trump’s pitch that cutting the corporate rate would help American families.
Posted inPolitics
No Ex-Im bank, so GE says it may move jobs overseas
WASHINGTON – General Electric announced Tuesday that it may move about 500 U.S. jobs to France, Hungary and China because of Congress’s failure to extend the charter of the Export-Import Bank. It is an issue that could also influence the Connecticut-based company’s search for a new headquarters.