How Trump’s tax plan affects Connecticut taxpayers

Donald Trump
President Donald Trump speaks in Indianapolis, Wednesday, Sept. 27, 2017. Trump is calling the current tax system a "relic" and a "colossal barrier" that's standing in the way of the nation's economic comeback. He says that his tax proposal will help middle-class families save money and will eliminate loopholes that benefit the wealthy. (AP Photo/Michael Conroy)

NEW HAVEN, Conn. (WTNH)– We’ve been hearing a lot about the Trump administration’s tax plan lately. But, how would that proposal affect those of us living in Connecticut?

A group based in Washington called the “institute on taxation and economic policy” crunched the numbers. They say here in Connecticut, the top one percent of taxpayers would receive a substantial tax cut worth over $164,000, while about a quarter of state residents would face a tax “increase”.

The group also says while GOP leaders have pitched the plan as a tax cut for the middle class, that is not true for the nation as a whole and for Connecticut. They say while most of us would receive a “modest” tax cut, on average, that cut would be less than one percent of our income.

But the “wealthiest” one percent of Connecticut residents receive 63 percent of the total tax cuts going to the state.

The group says 24 percent of Connecticut taxpayers would face a tax “hike”.

We know those are a lot of numbers, but here’s the bottom-line. This group says the president’s plan is nothing more than an upward redistribution of wealth that boosts the incomes of the wealthy with surgical precision and taxes some in the middle and upper middle class “more”.

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