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.
WASHINGTON – The U.S. House on Thursday approved a wide-ranging overhaul of the federal tax code that will lower taxes for many in Connecticut, while hiking them for some, especially in middle-class tax brackets. The Institute for Taxation and Economic Policy said 305,000 Connecticut households earning less than $197,000 would see a tax increase under the bill.
WASHINGTON – House GOP leaders unveiled a sweeping overhaul of the U.S. tax code Thursday, eliminating some popular tax breaks while lowering the tax rate for many Americans. Billed as a boon to the middle class by its supporters, the tax overhaul was panned by Democrats — including lawmakers from Connecticut –and some Republicans concerned about its elimination of of the popular deductions for state and local income taxes.