Home Economy Report: Connecticut is nation’s third least tax-friendly state

Report: Connecticut is nation’s third least tax-friendly state


Another day, another bad survey result for Connecticut.

According to its annual report on the least tax-friendly states in the country, Kiplinger found that the Constitution state lags behind only California and Hawaii.

The Washington, D.C.-based publisher of business forecasts and personal finance advice ranks states according to income, sales, gas and property taxes. Kiplinger reported that Connecticut’s income tax ranges from 3 percent to 6.9 percent; its sales tax is 6.35 percent; and the state charges 38 cents on every gallon of gasoline.

Property taxes are the fourth highest in the nation, with the median property tax on a median home value of $267,200 listed at $5,369. Connecticut is also the only state besides Minnesota with a gift tax.

“Connecticut faces serious financial pressures that could force it to raise taxes even more,” according to the report. “The state has more than $83 billion in unfunded pensions, and total liabilities exceed its assets by 34 percent, according to the Mercatus Center at George Mason University, which ranks Connecticut 50th in its analysis of states’ fiscal health.”

New York and New Jersey ranked fifth and sixth, respectively, among least tax-friendly states.

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