Under the Trump administration’s federal tax rate cut that started last year, deductions for state and local taxes, commonly called SALT, have been restricted, so many Connecticut residents are no longer able to deduct local property taxes or the state income tax.
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“While individuals in Connecticut, average taxpayers are seeing tax increases because of the loss of the full SALT deduction. The Republican federal tax plan has lowered the corporate tax rate from 35 percent to 21 percent, and the result is that the number of companies pay no taxes went from 30 to 60,” Senate President Pro tem Sen. Martin Looney said.
The Republican leader in the State Senate called Looney’s criticism “laughable” because it’s coming from the same lawmakers that have been silent about the expansion of taxes proposed by Governor Lamont.