EAST HARTFORD – Today is Tax Freedom Day in Connecticut, the day on which Connecticut residents finally stop working for the government and start working for themselves. Connecticut has the latest Tax Freedom Day of any state in the country, as calculated by the Tax Foundation.
Nationally, Tax Freedom Day arrived on April 18. Connecticut residents work three and a half weeks longer to pay taxes than the average person in American does. This includes income taxes (federal and state), payroll taxes (Social Security and Medicare), corporate taxes (which are just passed onto consumers), estate, sales, property, and other taxes such as car registration fees.
“This is another item for Connecticut’s List of Lasts – key indicators in which Connecticut is not just below average but worst in the nation,” said Fergus Cullen, Executive Director of the Yankee Institute, Connecticut’s independent, free-market think tank. The Yankee Institute considers high taxes a disincentive to work hard, invest, start a business or grow one by hiring more people. High taxes suffocate our economy and lead to higher unemployment.
“Sometimes it’s OK to be average,” Cullen said. “A modest goal for Connecticut policy makers would be to see Connecticut fall out of the top five states with the latest Tax Freedom Days.”