October 11, 2011

Connecticut’s Tax Burden…

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I thought I’d pass along this information published by Bloomberg this week regarding Connecticut’s tax burden—the highest in the nation.

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5 Highest State Tax Burdens

1. Connecticut

Income tax: 5%

Sales tax: 6.35%

Property tax per capita: $2,381

Inheritance tax: 7.2% to 16% with $2 million exemption

High taxes in Connecticut are paired with the nation’s highest income per capita–$56,001 per person in 2010, according to the Bureau of Economic Analysis. A sales tax increase took effect in July, raising the rate, from 6 percent to 6.35 percent, and adding a further 3 percentage-point levy on luxury goods such as expensive cars and boats. The state collects the third-highest property taxes per capita and is one of 14 states to tax Social Security income, according to CCH.

To read the entire story, click here.

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The numbers tell the story — Connecticut has the nation’s highest tax burden and among the worst job growth rates in the country. Obviously these measures are related. I will always continue to fight these tax increases and continue to work to reverse this destructive trend.

Regards,

John Piscopo

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