Connecticut remains dead last in the nation for the Tax Foundation’s annual Tax Freedom Day report, which calculates when the residents of each state have collectively made enough money to pay all their tax bills. For Connecticut that day is May 21, one full week later than New Jersey and ten days later than New York.
When it comes to taxes, Connecticut is just plain naughty. The state’s personal income, corporate income, sales, and property taxes are all among the highest in the nation. Additionally, to fuel a multi-decade habit of reckless spending, Connecticut burdens both individuals and businesses with all sorts of fees, surcharges, and the like. It would be nice if lawmakers and public officials worked to control spending enough to enact a nicer tax code.
Connecticut was ranked 43rd in the nation based on its tax structure by the Tax Foundation, an independent tax policy research organization. During a presentation on their findings, Joe Henchman, one of the three authors of the study, noted that Connecticut’s tax policies have become unnecessarily burdensome. He notes that although Connecticut started off with an income tax with a relatively low rate “the state has piled complexity upon complexity," into its tax code.
Connecticut in Bottom 10 For Business Tax Climate Other states, like New York, enacting significant tax reform EAST HARTFORD – While other states are starting to initiate significant tax reform, Connecticut still has not done anything to make its tax climate more business-friendly, despite its placement at the bottom of ...
Connecticut’s State Business Tax Climate is one of the worst in the nation according to a new ranking by the Tax Foundation. The Washington, D.C.- based think tank rated CT’s business tax climate as #42 in the nation for 2014. The Tax Foundation study is based on a comparison of ...
The Tax Foundation is one of America’s oldest and most respected research organizations focused on taxation policy in the U.S. For example, the Tax Foundation’s Principles of Sound Tax Policy are the gold standard for designing tax reforms that are sensible and pro-growth. They’ve simplified much of their research into ...