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Posted inMoney, Politics

Senate, House approve tax plan CT lawmakers call disastrous for state

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.

Posted inMoney, News, Politics

As Congress readies tax overhaul, an accountant explains its impact on Connecticut taxpayers

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.

Posted inNews

House GOP tax plan ends historic preservation break

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.

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

Trump tax plan would help CT businesses, but eliminate many personal tax breaks

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.