Happy Tax Freedom Day

Getting soaked by high taxes? Today is Connecticut’s Tax Freedom Day, the latest in the nation according to the Tax Foundation

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.”

Plastic bag tax returns Wednesday

Barring another extension of Gov. Ned Lamont’s executive order, Connecticut’s 10 cent tax on single-use plastic grocery bags will return on Wednesday, July 1. Lamont initially suspended the plastic bag tax until May 15 in response to concerns that reusable shopping bags might put grocery store workers at risk of ...

Read More

Department of Revenue Services paid millions in interest for late tax refunds

The Connecticut Department of Revenue Services paid more than $12 million in interest for tax refunds totaling nearly $5 million because they withheld those refunds for upwards of seven years, according to a new audit. The audit listed tax refunds from years 2014 through 2018 and found that late returns ...

Read More