An annual ranking of the richest and poorest states by 24/7 Wall St. shows Connecticut has slipped from the 4th wealthiest state in the nation to the 6th in the past two years, trading places with Massachusetts. Although Connecticut remains in the top ten nationally, it was overtaken by its neighbor to the north in terms of median income growth, unemployment rate and population growth.
Carrying signs that read "Support UConn" and “Respect Collective Bargaining,” approximately 300 University of Connecticut staff and students rallied outside the Legislative Office Building to protest proposed cuts to the university included in the bipartisan budget passed by the legislature. Former UConn graduate employee union president, Todd Vachon led the crowd in chanting “tax the rich” and called for raising taxes on hedge funds and Connecticut’s top income earners.
As Connecticut faces a continuing budget crisis, a new study has found Connecticut has the third highest taxpayer burden in the nation due to its unfunded pension liabilities. Connecticut’s high debt burden earned it the classification as a “sinkhole state.”
Budget establishes Connecticut Municipal Redevelopment Authority with power to seize properties, borrow money
The 2017 budget proposal establishes a new state municipal authority with the power to condemn and seize private property and borrow money to meet its development goals. The Connecticut Municipal Redevelopment Authority was not debated during the 2017 legislative session and may be the latest attempt by Gov. Dannel Malloy’s ...
Connecticut will impose a state property tax of 5 mils on secondary and vacation homes, according to figures from the latest budget proposal. The state tax would be in addition to the local property tax already paid by homeowners and is expected to raise $32 million per year.
Connecticut has long been known for having a high population of wealthy individuals, but according to a recent report Connecticut has fallen far behind other states in producing new millionaires. Among the nine states which have the highest number of millionaires, Connecticut had the slowest growth in the number of households earning over $1 million, according to a report by the New York-based Empire Center for Public Policy.