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24/7 Wall St.: States with the Highest (and Lowest) Taxes

States with the Highest Taxes

3. Connecticut

Taxes paid by residents as pct. of income: 12.3%
Total state and local taxes collected: $21.41 billion (19th highest)
Pct. of total taxes paid by residents: 80.7% (4th highest)
Pct. of total taxes paid by non-residents: 19.3% (4th lowest)

The 12.3% of resident income paid in taxes was up from 12% in 2009, although Connecticut was ranked the third highest in both years. Connecticut residents paid just under $7,000 per person in 2010, the highest amount in the country. However, in 2011 the legislature enacted a higher sales tax, cigarette tax and corporate income surcharge, and instituted a luxury goods tax. Although the effects aren’t yet clear, the changes are expected to bring in an additional $2.5 billion in a two-year time span. The cost of living in Connecticut was higher than in all but five states and property taxes were the second- highest in the country per person.

(iStock)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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