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Tax Policy

Politics
Push To Repeal Estate Tax Gaining Ground In Connecticut Push To Repeal Estate Tax Gaining Ground In Connecticut
Push To Repeal Estate Tax Gaining Ground In Connecticut Pressure is reportedly mounting on Connecticut lawmakers to possibly repeal the controversial estate tax. Connecticut is one of 12 states, plus the District of Columbia, that impose an estate tax that applies to estates that are worth more than $2.6 million in 2018, which rose to $3.6 million this year. There is also a $15 million estate tax cap, no matter its value. The exemption grows to $5.1 next year, $7.1 in 20221 and $9.1 million in 2022. According to multiple reports, there may be bipartisan support for legislation that would potentially repeal or alter the estate tax. Both Democrat…

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by Zak Failla
Politics
Ocasio-Cortez Defends Her 70-Percent Billionaires Tax Rate Proposal Over Ice Cream With Colbert Ocasio-Cortez Defends Her 70-Percent Billionaires Tax Rate Proposal Over Ice Cream With Colbert
Ocasio-Cortez Defends Her 70-Percent Billionaires Tax Rate Proposal Over Ice Cream With Colbert Another prominent New York politician took center stage on “The Late Show with Stephen Colbert,” taking aim at some of the nation’s wealthiest. Freshman Congresswoman Alexandria Ocasio-Cortez (D-Bronx/Queens), a 2007 Yorktown High School graduate, appeared on the CBS late night show on Monday to debunk rumors regarding her proposed 70 percent marginal income tax, which would target multi-millionaires.  “When we talk about a 70 percent marginal tax rate,” she said to Colbert. “It’s not on all of your income. It’s on your 10 millionth and one dollar. So after you make 10 million dol…

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by Zak Failla
Politics
New Poll: Underdog Stefanowski Now Pulls Ahead In CT 'Blue State' Governor's Race New Poll: Underdog Stefanowski Now Pulls Ahead In CT 'Blue State' Governor's Race
New Poll: Underdog Stefanowski Now Pulls Ahead In CT 'Blue State' Governor's Race In a so-called "blue state," Republican underdog Bob Stefanowski has pulled ahead of Democrat Ned Lamont for the first time in the governor's race, according to a new poll released Thursday by Sacred Heart University.  The telephone survey found Stefanowski of Madison favored by 40 percent of likely voters, compared to 37.6 percent for Lamont of Greenwich and 9 percent for independent Richard "Oz" Griebel.  Stefanowski's lead for the first time in the campaign attracted national attention on Friday, Nov. 2 when the Republican Governors Association (RGA) issued a rapid respons…

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by Jon Craig
Politics
'Trumponomics' Factor: Stefanowski Treads Fine Line 'Trumponomics' Factor: Stefanowski Treads Fine Line
'Trumponomics' Factor: Stefanowski Treads Fine Line Will President Trump help or hurt Bob Stefanowski in the Tuesday, Nov. 6 election for governor? In campaign ads and televised debates, Stefanowski has managed to display himself as an independent thinker. But the former corporate executive has not been shy about espousing economic policies that resemble Donald Trump's, like scorning taxes and tolls. Also like Trump, the 56-year-old Stefanowski of Madison often fails to provide details to back up his rhetoric, according to his 64-year-old Democratic challenger Ned Lamont of Greenwich. During gubernatorial debates, Stefanowski passed on oppo…

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by Jon Craig
Politics
How Stefanowski Has Closed In On Lamont In 'Real Nail-Biter' Governor's Race How Stefanowski Has Closed In On Lamont In 'Real Nail-Biter' Governor's Race
How Stefanowski Has Closed In On Lamont In 'Real Nail-Biter' Governor's Race A new public opinion poll released on Tuesday, Oct. 30 confirms that Republican gubernatorial candidate Bob Stefanowski has closed on Democrat Ned Lamont, making the race a statistical tossup. The Quinnipiac University poll of likely voters found that Lamont’s lead over Stefanowski has shrunk by half to four percentage points, within the margin of error. It also found that last week's undecided voters are beginning to make up their minds about who to elect on Nov. 6. Only four percent of likely voters remain undecided in the Quinnipiac poll, but 13 percent of those who preferred a candidat…

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by Jon Craig
Politics
Gloves Come Off In Governor's Debate Gloves Come Off In Governor's Debate
Gloves Come Off In Governor's Debate Neither gubernatorial candidate pulled punches on Wednesday night in the first of four debates before the Nov. 6 election. Republican Bob Stefanowski of Madison came out swinging by labeling Democrat Ned Lamont as a clone of Gov. Dannel P. Malloy.  "Dan Malloy has absolutely ruined this state. With Ned Lamont, it's actually going to be worse,'' Stefanowski said. "He's going to raise taxes and put up tolls."  Lamont, a cable TV entrepreneur from Greenwich, swung back by saying he has heard no details about how Stefanowski would pay for his promises including income tax cuts. …

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by Jon Craig
Politics
Wealthy CT Residents Will Be Hit Hard By GOP Tax Bill, Study Says Wealthy CT Residents Will Be Hit Hard By GOP Tax Bill, Study Says
Wealthy CT Residents Will Be Hit Hard By GOP Tax Bill, Study Says A new study finds that Connecticut has had the third most millionaires in the U.S. for the last seven years. That means that the GOP tax bill will have a greater impact on wealthy residents in the blue states, the study says. The 2017 Phoenix Wealth & Affluent Monitor (W&AM) shows that as of mid-2017, the top 1 percent of U.S. households -- those having $5 million or more in investable assets or liquid wealth -- increased by eight percent to more than 1.1 million. The richest Americans are concentrated in states that were carried by Democrats in at least three of the last four pres…

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by Cecilia Levine