A federal court has dismissed a lawsuit seeking to overturn the limit on the deductibility of state and local income taxes on federal returns.
SALT deduction
Posted inMoney, Politics
GOP tax plan would touch most CT taxpayers, creating winners and losers
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.