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Report: CT Has Sixth-Highest Tax Burden in the U.S.

April 9, 2018 By Staff
Report: CT Has Sixth-Highest Tax Burden in the U.S.

Only sixth?

A new study released Monday by WalletHub found Connecticut residents have the sixth-highest tax burden in the nation in 2018.

Connecticut residents’ tax burden – measured as a share of personal income – came out to 10.19 percent, behind New York, Hawaii, Maine, Vermont, and Minnesota.

Source: WalletHub

Some Connecticut residents may be thinking: only sixth?

A study from the nonpartisan Tax Foundation, released in March, found Connecticut residents had the last “Tax Freedom Day” in the nation – defined by the Tax Foundation as “how long into the year Americans work before they have earned enough money to pay all federal, state, and local taxes for the year.” The average U.S. Tax Freedom Day is April 23, Connecticut’s is May 21.

That study, which also examined the combined state-local tax burden, found that “tax burden as a [percentage] of state income” was 12.6 percent, second-highest in the nation.