Connecticut Taxes Capital gains are taxed as regular income, with rates up to 6.99% Sales tax rate is 6.35%(Twelfth highest) Property tax rate averages 2.14%, Income tax rate varies from 3.00% to 6.99% The Tax Foundation rates Connecticut #2 on state and local taxes defined a state's tax burden paid by a state's residents divided by that state's share of net national product.
I would put Connecticut somewhere around #5. Connecticut is a high tax state by any realistic measure.
Latest Progressive Tax Schemes A "Consumption tax" based on income An "Equitable Investment Council" to redistribute the money fairly! Ned Lamont Says No More Taxes The Wall Street Journal reports Ned Lamont Says No More Taxes Connecticut used to be the low-tax haven with a quick ride to Manhattan, but decades of tax-and-spend policies have eroded its comparative advantage.
The federal estate tax is 40%, and then throw in Connecticut's estate tax up to 12%. Financiers are mobile, and estates in many places are taxed at the ultimate low rate of 0%. Add all this up, and you'd have to be high on nutmeg to stick around Connecticut.
The Legislature also wants to create what it bills as a "Consumption tax." People earning more than $500,000 would pay 0.7% of their adjusted gross income.
Progressive Ideas Keep Getting Wilder Progressive ideas like a "Consumption tax" based on income and the "Equitable Investment Fund" keep getting wilder and wilder.
Quote of the day: "You'd have to be high on nutmeg to stick around Connecticut." Protesters are out in Force "It's not a 'consumption' tax. It's just an income tax by another name," said Governor Lamont.
Tuesday, May 25, 2021
Enough is Enough, a Democratic Governor Courageously Says "No More Taxes"
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