Jim favors a tax reform for both individuals and businesses with simplification and competitiveness as main objective. Businesses and families in the Fourth district are concerned about our tax code and that must change. Jim hears over and over from families and workers in Southwest Connecticut they are struggling to make ends meet. The cost of living is rising and wages have not kept up.
The current tax legislation from the Trump administration and the SALT deduction cap hurts Connecticut taxpayers, who stand to lose over $10 billion in state and local tax deductions. In 2015, 41% of federal tax returns in Connecticut claimed an average deduction for state and local taxes of $19,665. This means families making between $100-200k a year, (middle class for Connecticut) could see their tax burden go up by more than a $1,000 on average.
We don’t need more tax breaks for billionaires or corporations, we need a new tax reform that will help our small businesses and hard-working families thrive.
With hard work and negotiations, we can reach a deal to benefit all Americans.