In The Loop – June 10, 2022
A pin could drop at the Capitol this week
Seems as if we’re slowly moving toward some tough times for the economy these days. There’s talk about some additional relief coming from Washington and in fact, the IRS notified companies today that they are making a highly unusual mid-year adjustment for mileage reimbursements for business travel. Up 4 cents for the remainder of 2022, it comes as a relief for those who need to travel by car for business reasons.
Also this week the state Republican caucus in the legislature kickoff their “barnstorming” campaign for additional tax breaks for Connecticut residents and businesses located in the state. Next Monday in Torrington, both the Senate and House Republican leaders will catch up at the Sunoco gas station to promote their campaign for returning the surplus back to the taxpayers through a special session to make further adjustments in Connecticut taxes to help the “average” citizen better manage their family budgets.
While during the session they also called for tax rebates to go directly to middle-income households, Senate Republican Leader Kevin Kelly (R-Stratford) and House Republican Leader Vincent Candelora (R-North Branford) admitted their embarrassment over the legislative budget and revenue solutions. Their package unveiled policies to make Connecticut more affordable, it includes providing relief from rising energy costs as well as cutting the income tax, sales tax, and taxes that drive up the prices of food…KEEP READING…