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.
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.
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.
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.