In response to President Donald Trump’s tax bill that limited state and local tax deductions – known as SALT deductions – Connecticut developed a novel way to allow business owners to avoid getting hit with higher federal income taxes. Businesses that operated as “pass-through” entities, which allowed business income to ...
Buried in the budget proposal from the Finance, Revenue and Bonding Committee is a controversial change to the way Connecticut collects sales tax – one that has failed in several other states and one that the former Commission of the Department of Revenue Services said would be a costly “scheme.” ...
Should I stay or should I go now?If I go there will be troubleAnd if I stay it will be doubleSo you gotta let me knowShould I stay or should I go? — (apologies to) The Clash (1982) Well, they’ve told us. Nearly four decades later, the Connecticut General Assembly ...
The Finance, Revenue and Bonding Committee on Wednesday approved a $1.3 billion revenue increase, largely funded by maintaining a tax on hospitals, a 2 percent surtax on capital gains and various increases to the sales tax for restaurant meals, digital downloads and ridesharing services, among others. Union activists representing the ...
As Democrats in the legislature float proposals to raise the income tax rate on Connecticut’s highest earners and increase the capital gains tax, Chief Executive Officer for Greenwich-based AQR Capital Management Clifford Asness tweeted “Do people generally prefer living in Texas or Florida? Asking for a friend.” Asness’ tweet linked ...
The Governor and legislative leaders have promised us a paid FMLA plan that will cost only one-half-of-one-percent of each worker’s payroll. They have also promised that the benefit will cover up to $900 or $1000 per week in lost wages for 12 – and sometimes more – weeks every year. As we demonstrated earlier ...