“This bill is a train wreak for Connecticut’s middle class,” says Sen. Chris Murphy (D-Connecticut).
Both political parties say they want to help the middle class, and despite what President Trump and Republican leaders in in Washington are saying, Connecticut’s two senators say the middle class will take it in the neck.
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“If you’re making $50,000 a year in this state, and you own a home or ever hope to own a home, your taxes are going up,” Murphy said.
But Certified Financial Planner Joel Johnson says that since most people at that earnings level don’t itemize deductions, they will see a tax cut.
“Doubling the ‘standard deduction’ really helps earners between that $40,000 and $60,000 level, it’s going to be a real win for them.”
But Senator Richard Blumenthal says that any tax savings middle class taxpayers in Connecticut would see would be short-lived because the the doubling of the standard deduction is phased out.
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“It goes away after five years. This bill gives new meaning to the term ‘bait and switch,” Blumenthal said.
Murphy went further saying, “This is clearly designed to transfer money from blue states to red states, from the middle class to the very rich.”
Murphy says that because the GOP plans either eliminate or limit deductions for property and state income taxes, that adversely affects residents in Connecticut, New York, New Jersey and other states that are represented in the Senate by Democrats.