Money Managers May Have More to Like About Connecticut's SALT Bypass

The video discusses tax breaks for fund managers in Connecticut, designed to retain high earners in the state despite new federal tax laws. It explains how these tax breaks impact federal and state revenues, with businesses paying taxes and individuals receiving credits. The IRS and Treasury are closely monitoring these programs, as similar initiatives in other states have been invalidated. The discussion highlights the potential for future changes and the importance of understanding the tax code.

What are the implications of allowing individuals to deduct more from their taxes under the new law?

In what ways could the IRS respond to the new tax strategies implemented in Connecticut?