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Posted inPolitics

Larson, Courtney win tax break for homeowners with crumbling foundations

WASHINGTON – U.S. Reps. John Larson and Joe Courtney had good news Wednesday for Connecticut homeowners with crumbling foundations – the Internal Revenue Service will allow them to take a deduction for a casualty loss for money spent to fix crumbling foundations. But that tax relief may be short lived if Republicans in Congress succeed in overhauling the tax code.

Posted inPolitics

401(k) plans in play as GOP moves ahead on tax overhaul

WASHINGTON — As Congress took a major step towards a massive tax overhaul on Thursday — with no help from Connecticut’s Democratic lawmakers — the future of the popular 401(k) retirement plan was in question. Key GOP lawmakers want to offset some of their proposed tax cuts by limiting the maximum pre-tax contribution to workplace saving plans such as the 401(k). That could make big changes in they way Americans save for retirement.