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Posted inMoney, Politics

Federal tax changes further polarize debate over state income tax

Now that Congress has passed a massive federal tax overhaul, political observers here agree it could have a chilling effect on future proposals to raise the Connecticut income tax — even 14 months from now when a huge deficit looms in state finances. But liberals and conservatives were split over whether this is a good thing, as huge pressures are projected to test state finances in unprecedented fashion in the coming years.

Posted inMoney, Politics

GOP approves tax bill over opposition of CT lawmakers

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.

Posted inPolitics

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 inMoney, Politics

There’s a near deal — but it’s not bipartisan — on state budget deficit

Gov. Dannel P. Malloy and his fellow Democrats in the legislature’s majority said Thursday they believe they had reached the essence of a deal to mitigate state budget deficits and offer modest tax relief to businesses. Malloy announced he would call the General Assembly into special session on Tuesday in the hopes of adopting the package.

Posted inMoney, Politics

Deadlines nearing for state budget talks, GE decision on a move

State budget talks made little progress Wednesday but will continue for at least one more day as legislators from both sides conceded a self-imposed deadline is nearly upon them. Gov. Dannel P. Malloy also hopes to extract new business tax relief from these talks and confirmed he continues to talk with General Electric in hopes of keeping the major corporation in Connecticut.