March 13, 2017

Analysis: CT tax burden higher, biz climate less favorable than other states

Connecticut ranks second in the nation for state and local tax burdens as a percentage of state income, according to the latest Tax Foundation "Facts & Figures" report.

Using 2014 data, the combined state and local individual income tax collections per capita is $2,162, ranking Connecticut No. 2 in the country behind New York with $2,699 per capita.

The Tax Foundation is a conservative think tank.

Separately, Connecticut's individual income tax collection comes in at $2,279 per capita, higher than the national average of $967. The corporate income tax collection of $192 per capita also exceeds the national average of $144.

Connecticut also ranks first for state individual income tax collections per capita, but 43rd on the state business climate index and 48th for federal aid as a percentage of state general revenue.

Some data is based on fiscal year 2012, but the business climate index data is as of July 1, 2016. That business climate index considers five components: corporate taxes, the individual income tax, sales tax, unemployment insurance tax and property tax.

For the full study, visit the online report.

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