The “One Big Beautiful Bill Act” was touted as a way to relieve taxes.
However, according to DataHaven — a non-profit that collects data on “well-being, equity and quality of life” in Connecticut — it will have “unequal effects on American families, and will contribute to income and wealth inequality.”
They cite the Congressional Budget Office, which says the bill will increase after-tax earnings for households at the top of the income distribution, while negatively impacting households in the bottom fifth.
Weighing the positive effects of reduced taxes against the costs of reductions in Medicaid and SNAP, DataHaven says that statewide, “much of the tax relief from (the bill) will go to high-income households in southwest Connecticut.”
Taken as a whole, Westporters will reap $121 million in benefits from the bill, according to DataHaven.
The top 25% of households (based on income) will receive $73.5 million in benefits. The middle 50% will get $46.7 million, while the bottom 25% will see $789,000.
Meanwhile, just 2 towns over, Bridgeport — with a population 6 times ours — will see a total benefit of $60.3 million. Of that, $60.7 million will accrue to the top 25%, and $13.7 million to the middle 50%.
The bottom quarter of Bridgeport’s households, however, will lose $14.1 million, DataHaven says.
Click here for the full report. (Hat tip: Sal Liccione)
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The transfer station on Sherwood Island Connector, and the yard waste facility on Bayberry Lane, are both closed today because of the snowstorm.
They’ll reopen on Monday.
The Westport Library will open, but late: 1 p.m.
Stay warm and dry, and drive safe!
Before the storm.
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Berthold Nebel was one of Westport’s earliest artists.
Born in Switzerland in 1889, he came to the US with his parents when he was 1.
He was hired as noted sculptor James Earle Fraser’s studio assistant in Gramercy Park. Nebel moved to Westport in 1930, on the advice of Fraser, and bought a 9-acre piece of land on Roseville Road, with a farmhouse on it.
Nebel soon built an artist studio much like Fraser’s. He lived and worked there with his family, until his death in 1964.
Here, he worked on commissions that included 2 sets of bronze doors for the Museum of the American Indian, and the Museum of the National Geographic Society.
Among Nebel’s other works: a statue of Confederate General Joseph Wheeler for the rotunda of the US Capitol, and another of General John Sedgwick for the state Capitol in Hartford.
Now — as his family prepares to put the studio on the market — his granddaughter Maria Nebel White Keogh writes that the family has finally found a home for “Wrestlers,” Nebel’s Rodin-inspired sculpture created during World War I as his thesis at the Academy in Rome.
It’s being donated to the Lyme Academy of Fine Arts in Old Lyme. Other important figurative works are displayed there too.
While the work is a donation, transporting and installing the work will cost up to $25,000.
Lyme Academy is soliciting donations, for that project and the sculpture’s care and maintenance. Click here for details.
Berthold Nebel, with “Wrestlers.”
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Today’s “Westport … Naturally” photo was taken on Christmas Day, at Deadman Brook.
The scene — and the rest of town — look a bit different today.
(Photo/Tomoko Meth)
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And finally … on this date in 1831, Charles Darwin began his journey on HMS Beagle. Along the way, he formulated his theory of evolution.
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*Turning away anyone who tries to enter
As we all know, people have become more embolden and selfish and it has only become worse since the pandemic. It’s amazing, growing up we just left the dogs at home. What a novel idea. 🤦🏽♂️😤🤦🤷
I was told by Trader Joe’s crew members that they cannot say anything to the customers with dogs, only MGMT can. I spoke to a manager (white plains/hartsdale) the other day to report a dog in the store.
Dan, thank you for taking time to explain income inequality of current economic policies!
tailor made comment. Maybe they were shopping for bigger fish to fry ?
I lived on the same street with a guy who bragged he could touch or do ANYTHING to any woman! He was best friends with a guy for ten years, a guy who abused and raped a 1,000 women, and spent time at this guy’s home with a female and took airplane flights with him. The guy who lived down the street is a convicted felon (34 counts.) I know of 19 females who accused him of sexual abuse, but he said that all were lying! Also, on the TV show “The View” he talked about how he’d date his daughter if she wasn’t his daughter. The women started screaming “PERVERT” at him! Google the TV show. I won’t mention the guy’s name, but there’s so much more I could write !
Almost all of the tax savings impact cited above is a result of the SALT cap increase from $10K to $40K. Makes sense that Westport residents would see a significantly greater savings than Bridgeport residents.
Pre 2018 it had always been uncapped. Trump 1.0 imposed the $10K cap as part of the 2017 TCJA.
Since property tax bills are certain to rise, a partial rollback of a pretty Draconian tax law should be welcome. If you want to pay more, the US Government has a facility for you to contribute to our debt reduction, link below.
https://www.pay.gov/paygov/form/start/23779454
First, my and our thanks to Sal Liccione for the report on the impact of the Trump tax legislation. Sal had been on our RTM but, most unfortunately, lost his position in an incredibly close election last month. I am pleased that Sal remains engaged in public matters. As to the tax law, at least for those earning less than $500,000, the SALT changes, up to $40,000 in deductions for State and local taxes, is fine. Of course, it is the prior Trump administration that established a SALT limit as a way to punish those states that have significant programs supporting public needs. The disparate impact of the Trump tax bill has been commented upon by Democrats, but seeing the actual impacts within CT makes clear how that impact favors the wealthy.
Dan- thank you for posting this information but I am not sure what we are supposed to do with it. My guess is that the majority of people in town did not vote for the current administration and thus were not cheerleading for this bill. If it were never passed nothing much would change in our lives.
Conversely we live in a town full of smart, educated hard working people who have earned their wealth and are not ashamed of it.
So we get a tax cut- what exactly should we do? Sent it back to the Treasury- doubtful- or invest it, either in our community by an increase in philanthropy or improving our houses thus increasing their value thus increasing our taxes or what?
I for one will not be made to feel guilty that I can now deduct more of my State and local taxes that I pay on a primary residence as well as investment properties all of which are paid for by hard working after tax dollars.
Thomas Sowell wrote: “I have never understood why it is “greed” to want to keep the money you have earned but not greed to want to take somebody else’s money.”
People have an intentional habit of gaslighting others by pointing to percentages as a way to convince others of the “income inequities” in our country. i.e. this “billionaire” (read ” Oligarch”) pays less in taxes than a teacher”. True by percentage, but very misleading when considered in real dollars. Of course tax breaks would favor the people that pay the most taxes, it doesn’t matter who gives them or how they are structured. Think about it. If you don’t pay taxes would you expect any tax breaks to benefit you?
If you like percentages, here’s one fact; the top 1% of earners in the U.S. pay almost 50% of the total taxes. These are also the people that run businesses, keep the economy running and employ the majority of people.
How about another fact, because of the BBB, it is estimated that roughly 40% of people making less than $150K/annum will pay ZERO federal income tax. Zero tax on tips and overtime will benefit only middle and lower wage earners (the folks that typically work on tips) and zero tax on Social Security will benefit only seniors. Should we demand these deductions be repealed due to “inequality or fairness”?