A new report by Moody’s Investors Service has concluded that the federal tax law that took effect in 2018 has not led to an anticipated out-migration of Connecticut residents, at least not at first blush.
Read More…the responsibility of moving our State education system forward rests with State elected leadership. We hope they accept this challenge and adopt a higher standard. Our State’s future depends on making this the top priority and working together to provide more than a minimally adequate education system.
Read MoreConventional wisdom is that the total price charged by the state and its local governments in Connecticut is one of the most burdensome in the country. A common measure upon which this conclusion is based is the total amount we residents pay in state and local taxes, relative to our aggregate personal income, i.e., our capacity to pay. On this basis, the Tax Foundation tells us that Connecticut ranks either first or second highest in the nation, depending on which of two analytic models it uses.
Read MoreThe Commission on Fiscal Stability and Economic Growth was formed by Connecticut budget PA 17-2 Section 250 in the 2017 General Assembly session to “Develop and recommend policies to achieve state government fiscal stability and promote economic growth and competitiveness….to (1) achieve consistently balanced and timely budgets that are supportive of the interests of families and businesses and the revitalization of major cities within the state, and (2) materially improve the attractiveness of the state for existing and future businesses and residents.” The Commission’s report was issued in March 2018.
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The Property Tax, which is collected by municipalities, has the largest tax impact on Connecticut households.
The Property Tax’s $7.3 billion impact equates to almost 42% of the entire tax incidence. The Personal Income Tax accounts for 1/3 of the tax incidence, Sales and Use is almost 15% and Excise Taxes are 4%.
An in-depth analysis of the constitutionality of Connecticut’s fiscal guardrails, written by Alex Knopp, PUBLISHED IN JANUARY 2025.
The Property Tax Working Group provides the public, news media and elected officials with information, data, and investigative reports highlighting responsible tax policy alternatives for the State of Connecticut.
A project of 1000 Friends of Connecticut, the Property Tax Working Group shares the latest news, perspectives and relevant background as issues are considered by state policymakers.
A PLAN FOR PROPERTY TAX REFORM IN CONNECTICUT, UPDATED IN DECEMBER 2022.
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