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taxes

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.

Preserving The World's Endangered Languages

Oct 13, 2017
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." 

Jonathan McNicol / WNPR

Note: This episode contains strong language.

There are 203 ballparks currently being used by affiliated, professional baseball teams in the United States: 30 in the Major Leagues, 23 spring training facilities used by the big league clubs and their Rookie League affiliates, and 150 Minor League stadiums spread over six levels of baseball.

Updated at 5:00 p.m. ET

President Trump and GOP congressional leaders have outlined their plan for the most sweeping overhaul of the federal tax code in more than three decades.

They're proposing deep cuts in both individual and corporate tax rates, saying that will help supercharge a slow-growing economy.

"We want tax reform that is pro-growth, pro-jobs, pro-worker, pro-family, and yes, tax reform that is pro-American," Trump said Wednesday during a rally at the Indiana State Fairgrounds.

Connecticut’s municipalities have blasted all sides in the ongoing state budget impasse. Town and city officials spoke out after Governor Dannel Malloy issued a report claiming that state aid to municipalities has grown more than 20 percent in the last five years. 

Debora Cartagena / CDC

The American Cancer Society has blasted Connecticut Democrats’ latest budget proposal, which would raise the state’s tobacco tax, but take away money to help people quit the habit. 

Dan Moyle / Creative Commons

A longtime observer of Connecticut’s economy says plans to cut education grants to towns as a way of balancing the state budget could end up damaging the housing market. 

As Connecticut approaches the end of the second month without a state budget, Democratic legislative leaders say they’ll present their revised final state budget plan this week. The proposal is expected to include a controversial sales tax increase.  

Siri Stafford/Digital Vision / Thinkstock

Connecticut’s sales tax-free week goes ahead from this Sunday, despite the state’s continuing fiscal crisis. The Department of Revenue Services has estimated it will forgo about $4 million in sales tax during the course of the week.

U.S. Representative John Larson, D-CT1, announced on Tuesday that he’ll be introducing a $1 trillion infrastructure proposal when Congress resumes in September. The lawmaker says the money would be raised from a carbon tax.

SBSTNC / Creative Commons

Chuck Collins is a senior scholar at the Institute for Policy Studies. He's also an author, an editor, and a child of the so-called “one percent."

This hour, we sit down with Collins. We talk about his latest book and preview his upcoming appearance in Winsted, Connecticut. 

The state of Massachusetts planned to require more internet retailers to collect sales tax starting July 1st. But the initiative has been pulled just days before it would take effect.

Under the Baker administration plan, internet retailers with sales of $500,000 and 100 transaction per year in Massachusetts would have to charge the tax.

But the state rescinded the plan after two lawsuits were filed. The Department of Revenue said it will reintroduce the tax through a new regulation this fall.

Connor Tarter / Creative Commons

Supporters of the Senate health care reform bill have been few and far between outside of the Republican party. But there's one important industry in Connecticut that is cheerleading for the legislation: medical device companies.

Health and Wellbeing / Creative Commons

Nobel prize-winning economist Robert Shiller says Connecticut shouldn’t be cutting taxes in order to keep corporations in the state. 

Kevin O'Neill is driving his electric car down a road in Cumberland when he presses down harder on the gas pedal. He's doing this to prove his point that electric cars are more fun.

“From dead zero, you’ve got fantastic acceleration,” O'Neill said. "I don't like to drive fast, but I do like to feel that it's kind of zippy."

ilirjan rrumbullaku/creative commons

Tax-exempt property and the impending departure of Aetna are two issues weighing heavily on Hartford as the capital city manages a fiscal crisis. 

Ksenia Andreeva / Creative Commons

Hartford is inching closer and closer to insolvency — at a time when Connecticut is facing a fiscal crisis of its own.

This hour, we talk about the B word. Without the state to lean on, could Hartford file for bankruptcy?

Michelle Lee / Creative Commons

There’s always a lot of last-minute action at the state capitol when the legislative session’s about to end. But in the middle of a budgetary crisis - that action has ramped up.

Connecticut House Speaker Joe Aresimowicz, a Berlin Democrat, is blaming the Republican minority for his failure this week to have the House debate a bill that could lead to the return of tolls on Connecticut's highways.

creative commons

Advocates for the state's low income families say budget proposals to cut the earned income tax credit, or EITC, will have a negative effect on the economy and make the tax code less fair. 

Ryan Caron King / WNPR

Governor Dannel Malloy is proposing additional major cuts to state spending in Connecticut as he addresses a widening budget deficit projected for next year. The biggest losers this time around appear to be municipalities: state aid to towns and cities is cut by $600 million. 

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