Connecticut Has Latest Tax Freedom Day in the Nation

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 date  when the average citizen has made enough money to pay their combined local, state and federal tax bills for the year.

Connecticut has among the highest tax burdens per capita of any state in the nation. With such an onerous revenue structure, it’s no wonder our Tax Freedom Day comes later than any other state – May 9 – which marks an eight day extension from two years ago. To put it in perspective, we will spend more on taxes in 2014 than we will on food, clothing and housing combined.

The state budget is perpetually in crisis, with a projected structural deficit of $1.1 billion for the next budget cycle, according to the legislature’s non-partisan Office of Fiscal Analysis.

Until we rein 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. The perpetual increase of the size and scope of state government will all but guarantee future tax increases, which will further weigh down our already overburdened residents and businesses.