Democrats said the $10,000 limit on SALT deductions is unfair to states like Connecticut, while Republicans argued unlimited deductibility would only help the very rich.
At the National Governor’s Association gathering, Lamont joins other Democrats in opposition to the current limit on the deductibility of state and local taxes.
WASHINGTON – The Internal Revenue Service and the Treasury Department said Wednesday they intend to issue regulations to rein in an attempt by Connecticut and other states to get around a new limitation on the deductibility of state and local taxes.
WASHINGTON – Fairfield First Selectman Mike Tetreau hopes to take advantage of a new state law aimed at blunting the impact on his town’s residents of a new cap on certain federal tax deductions. But the bold step the state has taken may face push-back from the IRS.
WASHINGTON – “Blue” states like Connecticut that say they were targeted in the GOP’s federal tax overhaul are looking for ways to protect their residents from the negative impact of the new cap on the deductibility of state and local taxes.
WASHINGTON — As House and Senate negotiators of a final tax bill worked to finish the plan Thursday, changes were made that could help Connecticut homeowners and students. A final bill would allow greater deductibililty of state and property taxers and restores some tax breaks for students lost in earlier versions of the bill.