Health & Fitness
Connecticut Business Tax Burden is the Lowest in the Nation
Contrary to popular belief that Connecticut is unfriendly to business, Ernst & Young has published a report that the state's corporate tax burden is lowest in the nation.
A report prepared by Ernst & Young, a major accounting firm, for the Council on State Taxation, a non-profit located in D.C., concluded that Connecticut's business taxes are the lowest in the nation taking into consideration the full tax burdens on business including corporate taxes, property taxes, sales taxes, unemployment etc. State and local taxes comprised only 3.3 percent burden on Connecticut businesses compared to a 5.0 percent national average using GSP (private gross state product). By contrast, our neighboring states, New York (6.2 percent), New Jersey (4.9 percent) and Massachusetts (4.3 percent) fare worse.
The report is available on the website of Connecticut Voices for Children.
Find out what's happening in Greenwichwith free, real-time updates from Patch.
The importance of this study is that it highlights that among the burdens on Connecticut businesses, like high energy rates, health care and transportation costs, high taxes are not a problem. Remember that the next time you hear a politician rail about how unfriendly Connecticut is to private business or when they predict that businesses are poised to flee the state.
