Connecticut’s budget increased cumulatively more than pop+inf in state funds and all funds from 2014-23, meaning that taxes are higher than the average taxpayer can afford.
- The 2023 state funds budget is $7.2 billion higher than it would have had spending grown at the rate of population growth plus inflation over the past decade.
- Because the state funds budget grew faster than population growth plus inflation for the last ten years, the state spent and taxed $33.9 billion too much.
- The 2023 all funds budget is $13.2 billion higher than it would have been had spending grown at the rate of population growth plus inflation over the past decade.
- Because the state funds grew faster than population growth plus inflation over the past decade, the state spent and taxed $51.3 billion too much.
State Funds Budget Data
- Estimated FY 2024 Only State Funds Budget ($ Billions): $34.95
- FY 2025 Only State Funds Budget Limit ($ Billions): $36.95
- FY 2025 Only State Funds Budget Limit Growth ($ Billions): 5.73%
- Cost per person of state funds budgeting more than pop+inf over the last decade in 2023 budget: $2,003
- Cost per family of 4 of budgeting more than pop+inf over the last decade in 2023 budget: $8,012
- Cumulative cost per person of state funds budgeting more than pop+inf over the last decade from 2014-23: $9,378
- Cumulative cost per family of 4 of state funds budgeting more than pop+inf over the last decade from 2014-23: $37,513
State All Funds Budget Data
- Estimated FY 2024 All Funds Budget ($ Billions): $47.50
- FY 2025 All Funds Budget Limit ($ Billions): $50.22
- FY 2025 All Funds Budget Limit Growth ($ Billions): 5.73%
- Cost per person of all funds budgeting more than pop+inf over the last decade in 2023 budget: 3,645
- Cost per family of 4 of all funds budgeting more than pop+inf over the last decade in 2023 budget: 14,579
- Cumulative cost per person of all funds budgeting more than pop+inf over the last decade from 2014-23: 14,187
- Cumulative cost per family of 4 of all funds budgeting more than pop+inf over the last decade from 2014-23: 56,747
Other Considerations
- Economic Freedom of North America (2021) (Rank): 25 [Fraser Institute]
- Economic Freedom (2022) (Rank): 33 [Cato Institute]
- Fiscal Policy (2022) (Rank): 20 [Cato Institute]
- Regulatory Policy (2022) (Rank): 40 [Cato Institute]
- State Tax Collections Per Capita (FY2021) ($): $6,120 [Tax Foundation]
- State Tax Collections Per Capita (FY2021) (Rank): 3 [Tax Foundation]
- State-Local Total Tax Burden per Capita (2022) ($): $12,151 [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (%): 15.40% [Tax Foundation]
- State-Local Tax Burden per Capita (2022) (Rank): 49 [Tax Foundation]
- Top Income Tax Rate (2024) (%): 6.99% [Tax Foundation]
- Top Income Tax Rate (2024) (Rank): 40 [Tax Foundation]
- Flat/Progressive/Zero Income Tax (2024): P [Tax Foundation]
- Overall State Business Tax Climate Index (2024)(Rank): 47 [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (%): 7.50% [Tax Foundation]
- Top Corporate Income Tax Rate (2024) (Rank): 35 [Tax Foundation]
- State-Local Sales Tax Rate (2024) (%): 6.35% [Tax Foundation]
- State-Local Sales Tax Rate (2024) (Rank): 18 [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (%): 1.79% [Tax Foundation]
- Property Taxes Paid as a Percentage of Owner-Occupied Housing Value (2021) (Rank): 5 [Tax Foundation]
- Economic Outlook (2024) (Rank): 40 [American Legislative Exchange Council]
- Economic Performance Rankings, 2012-2022 (2024) (Rank): 48 [American Legislative Exchange Council]
- Tax and Expenditure Limit (0-3): 1 [American Legislative Exchange Council]
- Tax and Expenditure Limit (Rank): 15 [American Legislative Exchange Council]
- Right-to-Work Law (2022) (Y/N): N [American Legislative Exchange Council]
- State-Local Spending per Capita (2022) ($): $13,175 [US Government Spending]
- State-Local Spending per Capita (2022) (Rank): 29 [US Government Spending]
- Official Poverty Rate (2020-22) (%): 9.8 [Census Bureau]
- Official Poverty Rate (2020-22) (Rank): 23 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (%): 9.2 [Census Bureau]
- Supplemental Poverty Rate (2020-22) (Rank): 30 [Census Bureau]
- Labor Force Participation Rate (Dec 2023) (%): 64.10% [Bureau of Labor Statistics]
- Labor Force Participation Rate (Dec 2023) (Rank): 19 [Bureau of Labor Statistics]