Wow! Once again, Connecticut won a national title. This time we are number one in (drum roll please)..........................................TAXATION. Here is a little excerpt from a survey of the highest tax states:
Tax rates don't tell the whole story for Connecticut, with a modest 6.7% top income tax rate and just over $2,500 in property taxes. But high gasoline taxes combined with the 6.35% sales tax, as well as high average incomes resulting from its proximity to the New York City metropolitan area, make Connecticut the costliest state in the U.S. for taxes.
If you ever wanted to know why Connecticut has the worst record for job creation of any state in America since 2000, just reread the preceding paragraph. Something has to be done to make the state more competitive. Forty years ago, Connecticut prospered because it did not have the same high taxes as its neighbors. Those days are gone, but there is no reason why they cannot come again.
Tax rates don't tell the whole story for Connecticut, with a modest 6.7% top income tax rate and just over $2,500 in property taxes. But high gasoline taxes combined with the 6.35% sales tax, as well as high average incomes resulting from its proximity to the New York City metropolitan area, make Connecticut the costliest state in the U.S. for taxes.
If you ever wanted to know why Connecticut has the worst record for job creation of any state in America since 2000, just reread the preceding paragraph. Something has to be done to make the state more competitive. Forty years ago, Connecticut prospered because it did not have the same high taxes as its neighbors. Those days are gone, but there is no reason why they cannot come again.
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