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taxes

Chion Wolf / WNPR

It’s been a hectic few weeks on Capitol Hill, but the Thanksgiving recess means a bit of rest for lawmakers and a chance for us to check in with a member of the Connecticut delegation.

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The House of Representatives passed a 440-page tax bill Thursday that was introduced two short weeks ago. Among other things, the bill would remove deductions  important to people with big medical expenses and college tuitions and ultimately hit hardest those making $75,000 or less. 

Senate Republicans hope to vote after Thanksgiving on a sweeping tax overhaul plan that they say will cut taxes for nearly every individual and family in America. The bill calls for those cuts to last only for the next eight years, unless history is a guide.

Chion Wolf / WNPR

Connecticut’s Commissioner of Revenue Services says Republicans’ efforts to reform the federal tax system are fundamentally flawed. 

Congressional Republicans aim to take critical steps Thursday toward fulfilling their pledge to overhaul the nation's tax code by the end of the year.

The House Ways and Means Committee is expected to approve sweeping legislation to cut taxes for most individuals and businesses on the same day that Senate Republicans are set to unveil their own legislative vision for taxes. The dueling proposals are part of a broader plan that GOP leaders hope will end with both chambers passing a compromise tax bill by the end of the year.

CSpan

Connecticut lawmakers say they’re outraged that Republican leaders in Congress are trying to push through a huge reform of the tax system within weeks. 

Chion Wolf / WNPR

Grab a pen and a book of stamps; it's time to talk about... taxes. Last week, the GOP unveiled a new, postcard-friendly measure -- "The The Tax Cuts and Jobs Act."

What exactly is in the tax overhaul bill and what does it mean for Connecticut? 

The tax plan unveiled by Republicans in the House of Representatives will disproportionately raise taxes on those living in Northeast states like New York, New Jersey and Connecticut. Many lawmakers from the region, including Republicans, are against the plan.

Updated at 3:10 p.m. ET

House Republicans unveiled a draft tax bill on Thursday, calling for deep cuts in both individual and corporate tax rates.

"With this bill, we will grow our economy by delivering more jobs, fairer taxes, and bigger paychecks to Americans of all walks of life," said Rep. Kevin Brady, R-Texas, chairman of the House Ways and Means Committee.

Updated at 1:55 p.m. ET

As Republicans scrambled to assemble a tax overhaul bill, Americans weren't even sure that Congress should be focusing on reshaping the tax system.

Only about one-quarter of Americans believe that passing a tax overhaul should be "the top priority for the president and Congress," according to a CBS News poll released Wednesday; 70 percent said other things should be "addressed first." And even Republicans aren't particularly enthused: Only about half (51 percent) said an overhaul should be the top issue.

Nearly half of Connecticut’s high earners say they might leave the state in the next five years because of the state’s budget crisis and a ballooning cost of living. That’s according to a new survey from Sacred Heart University.

Updated at 10:24 a.m. ET

Marching down Pennsylvania Avenue to send a message to Congress is a classic move in presidential political theater, and Tuesday is President Trump's inaugural performance. Trump makes his first visit to Capitol Hill to meet with Senate Republicans at their weekly meeting and the message is clear: Pass a tax cut.

Updated at 4:11 p.m. ET.

The Dow Jones industrial average on Tuesday briefly topped 23,000 for the first time, crossing another milestone amid better-than-expected earnings reports and concerns that stocks are approaching another bubble.

But the 30-stock index ended the day at 22,997.44, up 40.48 points.

The Dow finished above 22,000 for the first time on Aug. 2.

Chion Wolf / WNPR

Coming up: We sit down with Chuck Collins, senior scholar at the Washington, D.C.-based Institute for Policy Studies.

But first: A look at how researchers are working to preserve the world's most endangered languages -- including locally-based efforts to expand fluency of the Mohegan language

creative commons

A feud between President Trump and "Liddle Bob Corker," Republican Senator from Tennessee, is creating tension between the president and the GOP. This is on top of reports that Secretary of State Rex Tillerson called Trump a "moron." 

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