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Posted inMoney, Politics

CT, NY and NJ to sue over tax changes that hit blue states

The Democratic governors of Connecticut, New York and New Jersey said Friday they will file a lawsuit challenging the constitutionality of new federal income tax laws restricting state and local tax deductions, a change that primarily falls on a dozen states that voted against President Trump in 2016. “Somebody has to stand up and say, ‘Not at this time. You can’t do this. It is fundamentally unfair and illegal,” Gov. Dannel P. Malloy said.

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

Expert has idea that could lessen federal taxes for CT taxpayers

Connecticut’s low- and middle-income households could pay tens of millions of dollars less in federal taxes each year while state officials simultaneously gain access to a wealth of new economic data. But for that to happen, according to one of the state’s leading economists, Connecticut officials first take a fiscal leap of faith – and repeal arguably the state’s most popular tax break.