For nearly a decade, it has been the favorite argument of those opposed to higher state taxes for Connecticut’s wealthy — migration. Simply put, if you tax them, they will leave. But is it true? Fifth in a series.
hedge funds
Posted inMoney, Politics
U.S. House ready to gut Dodd-Frank Wall Street reforms
WASHINGTON — When Congress returns from its Memorial Day break next week, the U.S. House will take up a massive bill that will repeal much of the Dodd-Frank Act, a law aimed at reforming Wall Street after the 2008 collapse of the housing market that set off a free-fall in the stock market.
Posted inPolitics
Allies in ’10, Malloy distant from labor’s WFP in ’17
Gov. Dannel P. Malloy helped deliver a paid-sick days law sought by the Working Families Party in 2011. The coolness of his relationship now with the labor-backed group was reinforced Monday when he said that the WFP’s proposal for a special tax on hedge fund managers is such bad policy it shouldn’t even be discussed.
Posted inPolitics
CT’s left pushes Trump to deliver on a populist tax promise
Whatever fiscal sacrifice is proposed Wednesday by Gov. Dannel P. Malloy to close a budget shortfall of $1.7 billion, a liberal coalition will be standing by with an alternative already rejected by the governor — raise more than $500 million by nearly quadrupling the income tax on hedge fund managers. Their message is directed at President Trump, not just Malloy.
Posted inMoney, Politics
Malloy happy to defer to Trump on hedge-fund tax break
Gov. Dannel P. Malloy reacted warily Tuesday to state legislation to eliminate the “carried interest” tax break for Connecticut’s influential hedge fund managers, suggesting instead that the liberal sponsors press President Trump to keep his pledge to eliminate the tax benefit through federal action.
Posted inPolitics
CT financial industry that backed Romney shunning Trump
WASHINGTON — Mitt Romney raised more than $1.5 million from people connected to Connecticut’s financial services industry, but few of those deep-pocketed donors are giving to Donald Trump. An analysis by the Connecticut Mirror shows that, as of the end of July, Trump had only raised about $11,000 from that sector.
Posted inNews
As Congress balks, Puerto Rico on brink of financial meltdown
WASHINGTON – As the hours tick down toward Puerto Rico’s default on a massive debt payment Sunday, Congress has so far rejected solutions offered by Connecticut lawmakers and some Republican leaders to save the commonwealth from economic ruin.
Posted inMoney, Politics
Estate tax measure may preview 2017 state tax debate
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.
Posted inPolitics
Trump takes on key CT industry — hedge funds
WASHINGTON – GOP presidential hopeful Donald Trump has a new target for his ire — other super-rich guys, the nation’s hedge fund managers. “I know a lot of bad people in this country that are making a hell of a lot of money and not paying taxes,. The tax law is totally screwed up.” he said.