For Immediate Release: 1/20/2016
Contact: Zachary Janowski
Mobile: (860) 384-5777
Connecticut’s High Taxes Confirmed
Let’s Commit to Increasing Opportunity
Jan. 20 – If the departure of General Electric for ‘Taxachusetts’ wasn’t enough, a Tax Foundation study released today confirms that Connecticut has one of the highest state and local tax burdens.
The Tax Foundation study shows Connecticut residents pay 12.6 percent of their income in state and local taxes, the second-highest after New York. In contrast, Massachusetts ranks 12th with 10.3 percent of income going to taxes.
The study looks at fiscal year 2012. While it includes the largest tax increase in state history, which occurred in 2011, it does not yet include the 2015 tax increase, the second-largest in state history.
“Connecticut is trying to compete with other states, but our residents have a heavy tax burden on their backs,” said Carol Platt Liebau, president of the Yankee Institute. “Lawmakers should make it a priority to lighten their burden.”
The Hartford-based Yankee Institute for Public Policy works to transform Connecticut into a place where everyone is free to succeed.