By Ana Radelat
Washington – The Senate decided to go its own way in overhauling the nation’s tax code, and its plan would have a different impact on Connecticut taxpayers than a similar House bill.
The Senate bill would push back for a year President Donald Trump’s top priority of cutting the corporate tax rate from a maximum of 35 percent to 20 percent.
Holding off implementation of the new rate would lower the cost of the bill by $100 billion, but it also would delay the GOP’s plans to entice businesses to move offshore operations back to the United States.
The biggest changes affecting individuals in Connecticut is the bill’s elimination of the deductibility of property taxes. The House plan would allow deducting these taxes up to $10,000.
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