Happy Taxiversary Connecticut!

Celebrating the 20th Anniversary of Connecticut's Income Tax

Thanks fo Gov. Weicker this is the 20th anniversary of Connecticut's income tax which has increased 148% since 1991 while the populous has grown only 6%. In 1991 the State of Connecticut, under Governor Lowell Weicker, passed a state income tax. This new tax was sold to residents as a short term solution to solve a budget crisis. Now 20 years later residents and the state economy are still suffering. Happy Taxiversary Connecticut Taxpayers!

The Tax Foundation recently announced that Connecticut taxpayers have to work until May 5th to pay their total tax bill. This is the latest Tax Freedom Day in the country!

Unfortunately, the Tax Foundation release is just the latest in a long line of economic indicators that are not in our favor. Some other lists that CT ranked in poorly include:

The non-partisan group, The Institute for Truth in Accounting (IFTA), named CT as a "Sinkhole" state, a label the state earned by being one of five states in the country that IFTA's research revealed to be in the worst financial positions.

The non-partisan group State Budget Solutions ranked Connecticut 48th in Per Capita Debt. Connecticut residents are roughly $28,000 in debit to the state of Connecticut based on this new study.

                                           
h/t Americans for Prosperity