Connecticut's budget + economy, explained

Get CT Mirror emails in your inbox daily.

Processing…
Success! You're on the list.

In-depth journalism.
In your home state.
In your inbox.

Sign up for CT Mirror's free daily briefings.

Processing…
Success! You're on the list.
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 inPolitics

401(k) plans in play as GOP moves ahead on tax overhaul

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.

Posted inPolitics

Trump touts cut to corporate tax rate, but many CT companies already pay less

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.

Posted inMoney, Politics

Trump tax plan would help CT businesses, but eliminate many personal tax breaks

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.