Tag: taxation

Congress Reaches Deal to Increase Child Tax Credit, Negotiate Tax Treaty with Taiwan

Connecticut Star Staff
Family Learning

Congressional negotiators from the Senate and House of Representatives announced a deal on Tuesday to increase the child tax credit and negotiate a new bilateral tax treaty with Taiwan, among other matters.

The child tax credit was first enacted in 1997 to provide parents with greater funds to care for children under the age of 17 and was expanded in 2021 under the American Rescue Plan Act, though that expansion expired in 2022 and has not been reauthorized. The new deal — known as the “The Tax Relief for American Families and Workers Act of 2024” — reached between Democrats and Republicans in Congress will change the way the tax credit is calculated, increase the credit every year until 2025 and index it to inflation, according to a technical summary of the plan published by the House Ways and Means Committee.

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Connecticut No Longer First in Personal Income Per Capita

Bradley Vasoli

New data from the federal Bureau of Economic Analysis (BEA) reveals that Connecticut is no longer first place among states in terms of per-capita personal income.

The Constitution State’s per-capita individual income exceeded every other states’ since 1987. Last year, however, Massachusetts outranked Connecticut regarding individuals’ mean income. The latter state’s residents averaged a yearly income of $82,475 each, whereas the former’s average earner got $82,082 annually. (The national average was $63,444.)

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