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Biden, CT hikes could push tax rates on wealthiest to nearly 50 percent


Biden, CT hikes could push tax rates on wealthiest to nearly 50 percent
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TOPSHOT - US President Joe Biden addresses a joint session of Congress as US Vice President Kamala Harris and US Speaker of the House Nancy Pelosi applaud at the US Capitol in Washington, DC, on April 28, 2021. (Photo by Melina Mara / POOL / AFP) (Photo by MELINA MARA/POOL/AFP via Getty Images)MELINA MARA / Getty
WASHINGTON If Congress approves the tax increases in President Joe Biden’s American Families Plan, Connecticut’s wealthiest residents could pay nearly half their income in state and federal income taxes and more than half their profits on investments in combined capital gains taxes. ....

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Fire District to Hire Financial Auditor Over PPP Loan Concerns


Sheppard believes most PPP loans under $150,000 will get little or no scrutiny from the federal level, so situations like the one at the Blue Hills Fire District in Bloomfield will be left for local officials to sort through, not the Small Business Administration, which is overseeing the program.
“Those applications are really going to be a one page attestation that basically you sign and you give back to the SBA. That basically says here was the number of employees I was able to keep, here was my estimated payroll, and you call it a day,” Sheppard said.
Hearing complaints from the public, two new fire commissioners have decided not to wait for the feds and will have a forensic auditor examine a $120,000 PPP loan awarded to the Blue Hills Fire Department, and where it was spent. ....

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