WASHINGTON – The Internal Revenue Service and the Treasury Department said Wednesday they intend to issue regulations to rein in an attempt by Connecticut and other states to get around a new limitation on the deductibility of state and local taxes.
WASHINGTON – “Blue” states like Connecticut that say they were targeted in the GOP’s federal tax overhaul are looking for ways to protect their residents from the negative impact of the new cap on the deductibility of state and local taxes.
Updated at 1:15 a.m. Wednesday
WASHINGTON — With Vice President Mike Pence presiding, the Senate early Wednesday approved a massive tax overhaul on a strict party-line vote, deepening the partisan divide in Congress. Connecticut’s Democrats joined all others in their party to vote against the tax plan, calling it a giveaway to the rich that would hurt working Americans.
As a historic overhaul of the nation’s tax code nears the finish line, Connecticut taxpayers have deluged their accountants with questions over its impact on their households or businesses. In this Sunday conversation, Andrew Lattimer, a certified public accountant and tax specialist at the West Hartford office of BlumShapiro, explains how the new tax plan would affect Connecticut taxpayers.
WASHINGTON — Connecticut’s accountants are frustrated that they can give clients only limited advice about a massive federal tax overhaul underway in Congress, but predict there will be more losers than winners among individual taxpayers in the state.
WASHINGTON — The nation’s Realtors say Connecticut homeowners may lose as much as 10 percent of the value of the equity in their homes – and maybe more – if Congress approves a GOP overhaul of the federal tax code.
WASHINGTON – A tax break that was key to the rehabilitation of the Colt complex in Hartford, a Victorian opera house in Norfolk and dozens of other historic properties throughout the state is on the chopping block in Congress. The House Republican tax overhaul, which the chamber hopes to vote on Thursday, would eliminate the 20 percent federal investment tax credit for historic preservation projects, a tax break Congress approved about 40 years ago.
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.
WASHINGTON — As a member of the House Ways and Means Committee, Rep. John Larson is on the front lines of Democratic opposition to the Republican plan to overhaul the federal tax code. He says the proposal is especially bad for taxpayers in Connecticut and predicts it will follow the same path to failure as the GOP attempt to repeal and replace Obamacare.
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.
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.
Speaking in Missouri Wednesday the president promoted four tax reform principles but offered few specifics and no indication on whether he’d continue to target a deduction that benefits Connecticut more than most other states.
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.