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October 4, 2019

For tax ‘hostility,’ welcome to Connecticut

PHOTO | Wyoming Department of Transportation
By Michael C. Bingham

The personal-finance publication Kiplinger’s released its list of the most — and least — tax-friendly states in America this week.

You can probably guess which list Connecticut was on.

Actually, Connecticut did not top the list of most tax-hostile states — that was Illinois. The Constitution State was the runner-up. New York, Wisconsin and New Jersey rounded out the top five (respectively).

To draw its conclusions, Kiplinger’s employed a hypothetical couple with two children and joint annual income of $150,000 plus $10,000 in dividend income. The publication then calculated the income-, property- and sales-tax burdens that family would face in each of the 50 states.

Illinois landed the No. 1 spot on the list due in large part to its sky-high property taxes. The Land of Lincoln was followed by Connecticut and New York, both of which have high income taxes. 

Meanwhile, in case you’re thinking of relocating (which would hardly distinguish you among beleaguered Nutmeggers in recent months) the most tax-friendly states were Wyoming, Nevada and Tennessee, in that order. The first two don’t levy an income tax. Tennessee has an income tax, but it applies only to interest and dividends and not to salaries and other wages.

Rounding out Kiplinger’s top five most tax-friendly states were Florida and Alaska (No. 4 and 5, respectively).

So similar, and thus so hard to choose.

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