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.
state and local taxes
Posted inMoney, Politics
Senate, House approve tax plan CT lawmakers call disastrous for state
Updated at 1:15 a.m. Wednesday
WASHINGTON — With Vice President Mike Pence presiding, the Senate early Wednesday approved a massive tax overhaul on a strict party-line vote, deepening the partisan divide in Congress. Connecticut’s Democrats joined all others in their party to vote against the tax plan, calling it a giveaway to the rich that would hurt working Americans.
Posted inMoney, Politics
CT CPA’s warn of dire impact of new federal tax plan
WASHINGTON — Connecticut’s accountants are frustrated that they can give clients only limited advice about a massive federal tax overhaul underway in Congress, but predict there will be more losers than winners among individual taxpayers in the state.
Posted inPolitics
Senate approves sweeping tax overhaul despite CT Dem opposition
WASHINGTON — The Senate early Saturday passed a sweeping overhaul of the federal tax code that would end the deductibility of state income taxes and eliminate other popular tax breaks while lowering tax rates for individuals and corporations.