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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 13. That’s four days later than last year.
To put it in perspective, each of us will spend more on taxes in 2015 than we will on food, clothing and housing combined.
The state budget is perpetually in crisis, with a deficit for the current fiscal year estimated at $191 million by the non-partisan Office of Fiscal Analysis.
Until state leaders curb 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.
