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Tax Freedom Day Continues To Get Later

Connecticut residents must work until April 25th, longer than the residents of 45 other states, to pay off their federal, state, and local tax bills. In recent years Connecticut has seen skyrocketing revenues from digital downloads and other consumption taxes. Despite this, Legislative Democrats in Hartford continue to push new revenue sources.

Tax Foundation Findings

  • Top Individual Income Tax Rate: 6.99%
  • State and Local Income Taxes per Capita $2227: (Rank: 3)
  • State and Local Tax Burden: 12.6% (Rank: 2)
  • Top Corporate Income Tax Rate: 7.50%
  • State Sales Tax Rate: 6.35% (Rank: 12)
  • State and Local Sales Tax per Capita: $1268 (Rank: 5)
  • State Gasoline Tax Rate: 40.13 (Rank: 11)
  • Property Tax per Capita: $3020 (Rank: 3)

New Ways to Nickel & Dime Connecticut Families 

Click here to see more taxes from the Democrat's plan

  • A mileage tax on trucks ($45 million in FY23)
  • Cancels property tax relief ($53 million tax increase annually in FY 22 and FY 23)
  • Cancels tax relief for job creators, 10% corporate tax surcharge ($80 million in FY 22, and $50 million annually in FY 23)
  • A new $500 million annual consumption tax described by Democrats as a way to increase the sales tax rate on higher income residents
  • Imposes a convenience fee for credit/debit card use ($5 million annually in FY 23)
  • New social media advertising tax ($150 million in FY 22, $162 million in FY 23)
  • New 2% surcharge on capital gains ($262 million in FY23)

TCI
(Transportation Climate Initiative)

 

The Transportation Climate Initiative (TCI) will create a new tax on gasoline and diesel, by forcing private fuel wholesalers to purchase carbon offsets. Distributors will pass on these costs leaving families and businesses paying more in an already expensive state.

State Wide
Property Tax

Connecticut already has some of the highest property taxes in the Country. Yet, Legislative Democrats in Hartford have proposed a bill that would levy as much as two mills on top of local tax rates.

Mileage Tax 
($45 million in FY23)

 

In addition to a fuel tax, a mileage tax on trucks has been proposed. Again, this will increase the cost of everything from groceries to household essentials.