November 14, 2017/News
Many people are saying: The GOP tax plan is terrible for Connecticut
As we enter the 2018 cycle, where Connecticut residents will elect members of Congress and a governor, voters deserve to know where GOP candidates stand on this critical issue. Democrats have made their position abundantly clear.
Losers:
Middle class Connecticut families
CT News Junkie: “[the tax plan] would eliminate many of the itemized deductions taken by more than 700,000 tax filers in Connecticut – including those for medical expenses, student loans, and state and local taxes.” Students and graduates
Hartford Courant: “The bill proposes to eliminate the student loan interest deduction, affecting our most recent graduates just when they are trying to get on their feet… The proposed tax would hinder institutions’ efforts to offer the very best education that is accessible to students regardless of their family income.”
Moderate-income households
Hartford Courant: “Bipartisan analysis: Senate bill would hike taxes for 13.8 million people”
Teachers
WTNH: “Teachers can deduct up to $250 from their taxable income for spending their own money on school supplies for your kids. The Republican tax cut plans eliminate this benefit.”
Small-businesses:
Washington Post: “House GOP leaders have hailed their new tax proposals as helping the small-business owner, but small-business associations say they help big enterprises, not small ones, and vowed Tuesday to sink the bill in its current form.”
Winners:
The very wealthy
CT Mirror: “Sullivan said that in Connecticut, more than 75 percent of the proposed tax cut would go to the top 1 percent, who would pay 8.5 percent less tax, on average.”
CT Post: “The House bill phases out the estate tax while the Senate bill doubles the threshold to above $11 million. Neither bill changes the rules on carried interest, an important tax consideration for those in private equity firms and hedge funds”
Donald Trump, his family, and his cabinet
Washington Post: “Trump has refused to release his tax returns, making it hard to know precisely how much he would stand to gain from a tax code overhaul. But one change in the House plan affecting only multimillionaires, a repeal of the estate tax, could save his family $1 billion or more.”