Tax Freedom Day Latest in Nation Again

According to the Tax Foundation, a non-partisan tax research group, Connecticut continues to have the latest “Tax Freedom Day” of any state in the nation. Tax Freedom Day is the day each year when the average citizen has made enough money to pay their combined local, state and federal tax bills.

With among the highest tax burden per capita of any state in the nation, it’s no wonder our Tax Freedom Day comes later than any other state: May 9.
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To put it in perspective, each of us will spend more on taxes in 2014 than we will on food, clothing and housing combined.
This should tell us something about the way our state government is operating. Connecticut families balance their household budgets on the basic principles of not spending more than they bring home and not borrowing more than they can afford to pay back. Shouldn’t the State of Connecticut do the same?
The state budget is perpetually in crisis, with a projected structural deficit of $1.1 billion for the next budget cycle, according to non-partisan economic analysts. Until we reign in spending, create a stable tax and regulatory landscape and stop passing legislation that fuels Connecticut’s anti-business climate, we will continue to suffer from a lagging economy and shrinking workforce.
I am closely monitoring the legislature’s budget negotiations and will continue to push for common sense economic principles.