Kevin B Sullivan

Possible Impact On Income Tax: Wealthiest Waiting For Trump Tax Cut

Possible Impact On Income Tax: Wealthiest Waiting For Trump Tax Cut

As concern grows over millionaire residents leaving Connecticut and income tax revenue plummets, the state has a new worry – its wealthiest residents might be delaying some financial decisions until tax cuts promised by President Donald Trump are enacted.

The combined result has meant the state was short by an unexpected $450 million in income tax collections this year, forcing the projected budget deficits to increase for both the current fiscal year and the next two years. The shortfall has had a direct impact as legislators struggle in the coming weeks to close a deficit that is now projected at more than $2 billion for the fiscal year that starts on July 1.

While a...

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