Connecticut’s tax on inheritances of the wealthy faces increasing scrutiny as some Democratic legislators join many Republicans in calling for its repeal.
A state panel recommended a dramatic shift in state tax burdens Thursday from wealthy income taxpayers onto businesses and consumers as part of a sweeping plan to stabilize government finances and jump-start the economy.
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.
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.
The arguments surrounding a bill to eliminate Connecticut’s estate tax — a bill not expected to advance this year – might offer a preview of the battle some anticipate next year over the fairness of the state’s tax system.
State officials are weighing whether to pull back on an unprecedented spike in probate court fees that some critics say effectively amounts to a surcharge on Connecticut’s estate tax.
A public hearing on how to reform Connecticut’s tax system evolved Wednesday — at least in part — into a critique of the $1.3 billion tax hike built into the two-year state budget legislators and Gov. Dannel P. Malloy approved earlier this summer.
The committee studying Connecticut’s tax system will host a series of telephone conference meetings next week, and members of the public interested in listening to those briefings can do so at the headquarters of the state Office of Policy and Management.