15 Sep 2014
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CT's Tax Freedom Day Latest in the Nation

The Tax Foundation calculates that Connecticut residents won't earn enough to pay off their total tax bill until May 5, according to the CT Mirror.

CT's Tax Freedom Day Latest in the Nation

May 5 is the day that Washington-based Tax Foundation says Connecticut residents will have earned enough income to pay off their total tax bill, according to the Connecticut Mirror

The state's "Tax Freedom Day," according to the foundation, falls on a later day than any other state in the nation and over two weeks later than the foundation's federal "Tax Freedom Day," which is on April 17. 

But despite its ranking, the amount of taxes that Connecticut's residents paid could be considered average. According to the Tax Foundation, even though the state is only second to New York in the amount of taxes its residents pay per capita, a large of amount of them are paying at the top of the state's graduated rate,

Tax Foundation economist Mark Robyn described Connecticut's state taxes as "middle of the pack" and pointed to California, Oregon and New York, which all have higher state tax rates.

The state's property taxes, on the other hand, remain high, thus causing burden on low- and middle-income residents. The rates are countered, however, by the state's lack of county taxes, Gian-Carl Casa, spokesman for the Connecticut Office of Policy and Management, told the Mirror.

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