Find Real Estate Agents and Homes for Sale


Real Estate News --> Connecticut News

EDITORIAL: Tax plan could hit Connecticut hard


But the proposed changes from Washington come at a time when Connecticut taxpayers are already dreading the threat of likely local and state tax increases caused by the chronic budget shortfalls in Hartford. People in the real estate industry, and some ...


Archived Story

The devil’s in the details, as they say — so it remains to be seen exactly what will, and will not, be in the final version of the sweeping tax reforms that will wind up on the president’s desk after the separate bills that have been passed by the House and Senate have been reconciledBut a number of senators, including Connecticut’s Dick Blumenthal and Chris Murphy, have denounced the Senate version as a giveaway to the wealthy.“The idea that you finance a tax cut for the rich … and that it will trickle down, that is not trueYou might as well believe that unicorns are real,” Murphy told The Connecticut Mirror.And the lower tax rates for individuals are temporary, ending in 2026, while the corporate tax rate cuts are permanent.“It’s a classical bait and switch,” Blumenthal said.The senators also complained that the bill was crafted “in the dead of night,” with Democrats excluded from the process.More specifically, the two Nutmeg State Democrats lit into the measure as particularly hard on taxpayers in high-tax states such as ConnecticutThe bills would also eliminate a new tax break for homeowners in the state who have crumbling foundations because of the use of substandard concrete.Yes, the bills do lower tax rates for individuals, as well as corporationsBut unless the traditional deductions for state income taxes and local property taxes — which so many taxpayers in high-tax Connecticut and many other “blue” states have come to rely on — find their way into the final version of the bill, many thousands of middle-income families in this state will be hit hardSome Republicans counter that such deductions are unfair to taxpayers in low-tax states, which are generally “red” states. Whether the Republicans — who control both houses of Congress as well as the White House — are using tax “reform” to punish the states that didn’t vote for the president last year is a matter of conjectureBut the proposed changes from Washington come at a time when Connecticut taxpayers are already dreading the threat of likely local and state tax increases caused by the chronic budget shortfalls in Hartford.People in the real estate industry, and some homeowners, also fear that changes to mortgage-interest deductions could lead to a drop in house values statewide.What is not a matter of conjecture is that, unless certain changes are made, Connecticut will be getting a big lump of coal in its stocking from Santa Claus this year. var embedlocation = (0 - 1 ); $( document ).ready(function() { $("#webembedinline").insertAfter("#articlebody p:eq( "+embedlocation+" )"); }); var embedlocation2 = (0 - 1 ); $( document ).ready(function() { $("#webembedinline2").insertAfter("#articlebody p:eq( "+embedlocation2+" )"); }); Advertisement

Trending Connecticut News:


  • First Niagara Banks To Become KeyBank This Weekend
  • Clinton Wins Connecticut Vote For President
  • Price paid for former Papa John's property on East Huron: $1.5M
  • Watertown, CT Homes For Sale & Real Estate
  • 307 Old Connecticut Path, Wayland
  • Connecticut single family home sales off slightly in November
  • Greenwich, CT Homes For Sale & Real Estate
  • Block by block, Connecticut offices on the move
  • Home Sales and Prices Rose in January, Raising Hopes for Spring
  • Recent Leases and Sales: Farms Village Changes Hands; Perfect Racquet Deal
  • Real estate magnate: Boston has 'pretty good shot' at landing Amazon's HQ2 (Video)
  • 1790s Style! Blondie's Debbie Harry Buys a Vintage Connecticut Home
  • Scalzo Group Honored as a 2018 Best Places to Work In CT
  • Stonington-Mystic, CT Real Estate: Newly Listed Homes for Sale
  • Christie Brinkley’s Hamptons Estate Could Fetch Nearly $30 Million
  • Where the CEOs Live
  • New player enters Lehigh Valley industrial real estate market
  • Erie County real estate transactions
  • Connecticut Movers: Accomplished Teams Assign Key Star Players
  • Connecticut Home Sales Dip In September