CT Joins Lawsuit Vs. Trump Tax Breaks
HartfordBusiness.Com, July 19, 2018
By Joe Cooper
Connecticut has joined a lawsuit aimed at curtailing federal tax cuts that state officials say award "massive handouts" to the nation's wealthiest 1 percent.
Gov. Dannel P. Malloy and Attorney General George Jepsen announced Tuesday the state has joined several others in a lawsuit, filed in the U.S. District Court in New York, to prevent President Donald J. Trump's administration from levying the State and Local Tax (SALT) deduction, which they say disproportionately harms Connecticut residents and interferes with states' fiscal decisions.
Cost To CT taxpayers back to top
Malloy says the $10,000 federal tax cap could cost Connecticut taxpayers more than $10.3 billion in state and local tax deductions.
"Hundreds of thousands of residents could see a tax increase even as their property values decrease," the governor said. "Among other things, the new cap will depress home prices, spending, and business sales, and result in slower growth for the Connecticut economy and fewer jobs."
Led by New York Attorney General Barbara Underwood, the lawsuit also includes Maryland and New Jersey.