WASHINGTON – U.S. Reps. John Larson and Joe Courtney had good news Wednesday for Connecticut homeowners with crumbling foundations – the Internal Revenue Service will allow them to take a deduction for a casualty loss for money spent to fix crumbling foundations. But that tax relief may be short lived if Republicans in Congress succeed in overhauling the tax code.
IRS
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.
Posted inPolitics
Larson, Courtney ask Mnuchin for crumbling-foundation tax break
WASHINGTON – Reps. Joe Courtney and John Larson asked Treasury Secretary Steven Mnuchin on Monday to allow a tax break for thousands of Connecticut homeowners who suffer from crumbling foundations.
Posted inPolitics
White House aide from CT owes back taxes to IRS
The financial disclosure form of White House aide Justin Clark of West Hartford drew unwelcome attention this week from the Center for Public Integrity: He is one of three members of the Trump administration who listed a debt to the IRS.
Posted inHealth, Politics
GOP gives House members proposal to repeal, replace the ACA
WASHINGTON — The proposal, which will be considered later this month in a series of hearings, includes replacement of the law’s subsidies that help people buy insurance with tax credits based on a person’s age, not income, and elimination of federally mandated basic benefits in an insurance plan.
Posted inMoney
Is wealth leaving the state?
The claim that wealth is leaving the state is often discussed, but does the data back it up? We analyzed two decades of IRS statistics on income among people moving from state to state to see if we could answer that question.
Posted inJustice
Hartford case helped inspire tax relief for wrongfully convicted
WASHINGTON — East Hartford resident James Tillman was convicted of rape and jailed for almost 18 years before a DNA test exonerated and freed him in 2006. Congress is now adding to the restitution Tillman, and hundreds of wrongfully convicted people, received for the wrong the judicial system did them.
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.
Posted inPolitics
Deadline looms for Congress to extend popular tax breaks
WASHINGTON – Unless Congress acts soon, Connecticut commuters, students, homeowners and businesses will lose a number of valuable tax credits and deductions. These credits and deductions, known as “extenders,” aren’t a permanent part of the tax code and must be renewed by Congress from time to time.
Posted inPolitics
DGA creates CT affiliate, hires Obama team to help Malloy
The Democratic Governors Association has established its long-anticipated beachhead in Connecticut, hiring elements of President Obama’s re-election team through a week-old independent expenditure group, Connecticut Forward.
Posted inPolitics
Esty votes with GOP for probe into IRS
Washington — Rep. Elizabeth Esty, D-5th District, split from her party and with the rest of Connecticut’s delegation to the U.S. House with a vote Wednesday night to require the attorney general to appoint a special counsel to investigate IRS targeting of conservative nonprofit groups.
Posted inMoney, Politics
GE lobbies hard for tax loophole, groups say
Washington – How much is a tax loophole worth to a company? A new report says that one in particular is so important to Fairfield-based General Electric that it has deployed a small army of lobbyists to save it.
Posted inMoney, Politics
Was faulty CT tax mailing a huge privacy violation?
House Minority Leader Lawrence F. Cafero, R-Norwalk Could 27,000 Connecticut residents’ Social Security numbers have been mailed – along with their names and addresses – to households other than their own? A top Republican lawmaker demanded answers Monday after reviewing one of the thousands of faulty tax forms the state Labor Department acknowledged sending out […]