Connecticut Ranks Among the Very Least Tax Friendly States
Well, duh! But let's see what the study says anyway for s---s and giggles.
If you live in Connecticut, I'm betting you feel the daily grind of working, but always seeming to take a few steps back. No one likes the taxman, but sadly, in Connecticut the burden almost tops the list of all 50 states.
Kiplinger - which is a Washington, D.C. based publisher of business forecasts and personal finance - ranks states according to income, sales, gas and property taxes.
Now, according to Kiplinger's recent findings, Connecticut is near the top of a new list of the least tax friendly states in the country. Kiplinger's says Connecticut is the third least tax friendly state in the country. Kiplinger's reports that our property taxes are the fourth highest in the nation, with the median property tax on a median home value of $267,200 coming in at $5,369. Add insult to injury, Connecticut is also the only state besides Minnesota with a gift tax.
Sadly the news doesn't appear to get any better. The report from Kiplinger goes on to say,
Connecticut faces serious financial pressures that could force it to raise taxes even more. The state has more than $83 billion in unfunded pensions, and total liabilities exceed its assets by 34%, according to the Mercatus Center at George Mason University, which ranks Connecticut 50th in its analysis of state's fiscal health.
If you are thinking of packing your bags and heading out to a place considered to be paradise you can forget about that too. Hawaii has a less friendly tax climate than Connecticut, coming in #2 in the Kiplinger report. California tops the list as the worst tax friendly state to live.
For a list of the top 10 Least Tax Friendly States and how the method that Kiplinger used go to kiplinger.com for the slideshow of each state.
If all of this has finally gotten you down enough that moving out of Connecticut is in sight, Kiplinger did the same study for the 10 Most Tax Friendly States. Where will you go?