A coalition of public sector unions in Connecticut are running advertisements on television and social media calling for increasing taxes on the wealthy and list off the names of Connecticut’s billionaires they feel should be targeted. The ads come just two months after state employees received a second 3.5 percent ...
Not So Happy Tax Day!
Despite Highest Tax Burden in the Country, CT Lawmakers Push for Even More Hikes
It’s April 15, and taxes are due – but in Connecticut, tax day is far from a sign of relief. Connecticut residents will need to keep working for another month just to pay off our total tax bill. In fact, Connecticut residents will be the last of any state in the country to pay off tax obligations, when combining federal, state and local tax bills.
According to the Yankee Institute, a taxpayer watchdog group, this pattern is bound to drive hardworking Connecticut residents out of the state and further harm Connecticut residents who remain in the state. This is of particular concern as state lawmakers deliberate this week over a budget that would increase state obligations to the tune of $500 million and raise taxes on hardworking Connecticut residents in the process.
“If you feel a little grumpy today, well – you should. Our state and local tax collections per person are among the highest in the country,” says Carol Platt Liebau, president of the Yankee Institute. “And – just four years after the biggest tax increase in state history – the politicians in Hartford are again clamoring for more of our money.”
According to the Yankee Institute, there is a fundamental disconnect between many state leaders’ desire to create a prosperous Connecticut and the tax and budgetary policies they put into effect.
“Prosperity doesn’t come from raising taxes on hardworking Connecticut residents who are working to keep their families — and our state economy — afloat,” said Liebau. “Whether it’s raising individual tax rates or punishing employers who are trying to create accessible jobs for Connecticut, politicians don’t seem to understand that higher taxes just drive high-earners and job-providers from our state. When they go, they take jobs and money – and opportunity – with them.”
The Yankee Institute is committed to changing the cycle, working to give voice to millions of Connecticut residents who are saying no to runaway spending and no to runaway tax increases. The Institute’s campaign, Balanced Connecticut (www.BalancedConnecticut.org) has already generated widespread reaction among Connecticut residents saying no to the continued era of irresponsible spending and taxation.
“Only when we give voice to the millions of Connecticut residents who are concerned about our current trajectory can we get our state back on track,” said Liebau.
Connecticut homeowners pay 20 percent more in property taxes than residents of its nearest neighbors, even as home values in the Nutmeg State have declined, according to a new study released Wednesday. “As a percentage of housing value, Connecticut homeowners now pay 20 percent more than New Yorkers and almost ...