CT Ranked Among Worst For Taxes In The Nation

Groton CT

14 March, 2020

7:00 AM

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CONNECTICUT — While no one's ever considered Connecticut a tax haven, a recent study from WalletHub shows just how bad it is, with the state having the second-highest taxes in the nation. The only state ranking worse is Illinois, with New York, Pennsylvania, and Kansas. The difference among states is more than you might think. "Every year, the average U.S. household pays more than $9,000 in federal income taxes, according to the Bureau of Labor Statistics," the study reads. "And while we're all faced with that same obligation, there is significant difference when it comes to state and local taxes. Taxpayers in the most tax-expensive states, for instance, pay three times more than those in the cheapest states." While most people might believe that low income taxes are key, the study found that for some states, real estate and sales taxes also have a large effect. Here's where Connecticut ranked in WalletHub's break down: 50th – Overall Effective State & Local Tax Rate24th – Income Tax48th – Real-Estate Tax48th – Vehicle Property Tax19th – Sales & Excise TaxesThe median Connecticut taxpayer pays $11,325 annually. Compare that to the state with the lowest taxes in the country, Alaska, at $4,474. Rounding out the top five are Delaware, Montana, Nevada, and Wyoming. Read the full study at WalletHub.