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:

  • This Luxurious Long Island Sound Estate Is Going for $175 Million
  • Connecticut Real Estate Commission - Student Rights
  • Last-Minute Deductions for U.S. Rental Property Owners
  • What Do You Mean I Can't Close My Client's Real Estate Transaction?
  • Homes $1M or less buys in southwestern Connecticut
  • Newtown, CT Real Estate: Newly Listed Homes for Sale
  • CT homes sales up 23 percent in January
  • Signature Bank Announces Retirement of George M. Klett, Group Director, Executive Vice President and Chairman of Its Commercial Real Estate Committee
  • Milford, CT Homes For Sale & Real Estate
  • The Hottest Real Estate? Curb Space For Uber Pickups
  • Harry & Jill Connick List New Canaan, CT Estate for $7.5M
  • Leading Luxury Real Estate Marketplace Concierge Auctions Releases Industry's First-ever "Luxury Homes Days On Market Index" For Top-tier Properties
  • Friday's Storm Wreaks Havoc At Torrington Cemetery
  • Real estate rally stalls in southwestern Connecticut
  • EXIT Realty Pinnacle Joins Berkshire Hathaway HomeServices Real Estate Brokerage Network
  • CT lawmakers hold insurance dispute hearing
  • Partisan rift threatens efforts to close CT budget deficits
  • Blackstone Negotiating A $1.8B Deal With Swedish Pension Manager For US Real Estate Holdings
  • Caitlin Murphy-Kennelly, Peter Wells