Home Tags Taxes
The governor has also proposed widening I-95 west of New Haven to reduce congestion, which he said would cut commuting time to New York by as much as 22 minutes.
Most residents disagreed with the legislature's decision not to raise the state income tax on Connecticut’s wealthiest residents.
The budget will now go to the Democrat-controlled Senate.
“Other than the real estate clients, I would say almost across the board most other clients, most other industries, professions, etcetera, have all been hurt by this new tax law,” Mark Hausner, principal in the accounting firm Peretz, Resnick, Mitgang & Marcus LLP, told the Business Journal.
GOP leader Len Fasano wondered if the governor is "going to take a stand on anything, or is he going to continue operating in fear of Democrat legislators?”
Rolando Russell faces a maximum term of six years in prison.
Joe Rand, managing partner of the brokerage, told the Business Journal that SALT has had a modest but meaningful effect on the high end of the market.
New York ranked 50th for economic outlook for the sixth consecutive year.
You have a choice each year when you file your income tax return: take the standard deduction or itemize your deductions. That choice, however, is more complicated under the Tax Cuts and Jobs Act.
"We've never had a James Beard Award winner out of Connecticut," said Scott Dolch. "As a competitive person, that bothers me."
WalletHub added that the average S&P 100 company paid a 77 percent higher tax rate than the top 1 percent of consumers.
"The Republican tax law is an affront to middle-class Connecticut families and a massive giveaway to the wealthiest individuals and largest corporations," said Malloy.
More important, the law establishes a generous new deduction that will slash taxable income from pass-through entities. Beginning in 2018, the qualified business income (QBI) deduction generally allows taxpayers to deduct 20 percent of QBI (not salary) from a pass-through entity. Combined with the lower top tax rate on ordinary income, the deduction translates to a 29.6 percent top rate on pass-through income.
James C. Smith and Robert Patricelli, co-chairmen of the Commission on Fiscal Stability and Economic Growth, outlined the challenges and possible solutions facing Connecticut's economy.