Connecticut Taxpayers Could Suffer Under Trump Proposal
The lost revenue from doubling the standard deductions would be funded by part of the increased revenue from eliminating the deduction for local and state taxes.
June 22, 2017 at 02:56 PM
5 minute read
President Donald Trump ran on a commitment to reform our tax code and released an outline of what he seeks to do regarding the personal income tax.
Basically, he is proposing to simplify the code, reduce the rates, both in number and amount, and eliminate many deductions, including for state and local taxes.
Former Sen. Russell Long of Louisiana, in a quote that has been frequently used, said that tax reform simply means, “Don't tax you, don't tax me, tax that fellow behind the tree.” It appears that if Congress adopts Trump's proposed elimination of the deductibility of state and local taxes, Connecticut will become the “man behind the tree” in that taxpayers will be hardest hit by the change.
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