WASHINGTON — House Republicans failed on Thursday to pass a balanced-budget amendment the GOP hoped would rebrand the GOP as the party of fiscal responsibility. Connecticut Democrats helped torpedo the effort.
WASHINGTON — Connecticut’s bid to do an end run around the limits on the deductibility of state and local taxes under the new federal law is likely to engender a new clash with the Trump administration, but it’s also based on precedent and law.
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 — As a member of the House Ways and Means Committee, Rep. John Larson is on the front lines of Democratic opposition to the Republican plan to overhaul the federal tax code. He says the proposal is especially bad for taxpayers in Connecticut and predicts it will follow the same path to failure as the GOP attempt to repeal and replace Obamacare.
WASHINGTON — As Congress took a major step towards a massive tax overhaul on Thursday — with no help from Connecticut’s Democratic lawmakers — the future of the popular 401(k) retirement plan was in question. Key GOP lawmakers want to offset some of their proposed tax cuts by limiting the maximum pre-tax contribution to workplace saving plans such as the 401(k). That could make big changes in they way Americans save for retirement.
WASHINGTON — President Donald Trump’s framework for a tax overhaul would cut the top rate corporations pay from 35 to 20 percent, but many corporations – including some headquartered or with a large presence in Connecticut – already are paying less than the corporate rate. There are also questions about Trump’s pitch that cutting the corporate rate would help American families.
WASHINGTON — President Donald Trump’s tax plan, which he unveiled in Indiana Wednesday, would aid affluent individuals in Connecticut and lower the corporate income tax rate paid by many businesses in the state. But its impact on the state’s middle- and lower-income filers is unclear, in part because the tax plan would eliminate a number of popular deductions.
WASHINGTON — The new tax plan released by the Trump administration Wednesday, would slash taxes for corporations and eliminate the estate tax, double the standard deduction and reduce the number of tax brackets from seven to three. If ever implemented, it would affect most Connecticut taxpayers.