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Tuesday, October 21, 2014

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Connecticut is not tax-friendly

Published 5:07 pm, Tuesday, August 26, 2014

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  • 10. IllinoisState income tax: 5%State sales tax: 6.25%Gas taxes and fees: $0.39 per gallon (National average is $0.31)In some municipalities, combined state and local sales taxes are as high as 10%. The state's homestead exemption for owner-occupied residential property 
exempts up to $6,000 ($7,000 in Cook County) from a property's assessed 
value. - finance.yahoo.com
    10. Illinois
    State income tax: 5%
    State sales tax: 6.25%
    Gas taxes and fees: $0.39 per gallon (National average is $0.31)

    In some municipalities, combined state and local sales taxes are as high as 10%.
    The state's homestead exemption for owner-occupied residential property exempts up to $6,000 ($7,000 in Cook County) from a property's assessed value. - finance.yahoo.com

 

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If you feel like you're giving a lot of your money away in taxes, you're right. Connecticut ranks number two on Yahoo Finance's list of the 10 least tax-friendly states.

Yahoo looked at income tax, sales tax and gas taxes and fees to find the worst states.

"Almost all these states levy property taxes well above the national median of $1,324. State income taxes are high, as are combined state and local sales taxes that could cost you up to an additional 10% per purchase, depending the municipality in which you live or shop. Finally, some of these states have the highest gas prices in the U.S., in part because they charge above-average fuel taxes and fees." - finance.yahoo.com

Not only is connecticut number two overall, the Nutmeg State also has the second highest property taxes in the country after New Jersey.

Click through to see the 10 least tax-friendly states and visit Yahoo Finance to learn more.