What Is the Real Value of $100 in Metropolitan Areas?
The differences in purchasing power can be large and they have significant implications for the relative impact of economic and tax policies across the United States.
How does Connecticut’s tax code compare? Connecticut has a graduated individual income tax, with rates ranging from 3.00 percent to 6.99 percent. Connecticut also has a 7.50 percent corporate income tax rate. Connecticut has a 6.35 percent state sales tax rate and levies no local sales taxes. Connecticut’s tax system ranks 47th overall on our 2023 State Business Tax Climate Index.
Each state’s tax code is a multifaceted system with many moving parts, and Connecticut is no exception. The first step towards understanding Connecticut’s tax code is knowing the basics. How does Connecticut collect tax revenue? Click the tabs below to learn more! You can also explore our state tax maps, which are compiled from our annual publication, Facts & Figures: How Does Your State Compare?
The differences in purchasing power can be large and they have significant implications for the relative impact of economic and tax policies across the United States.
The state EV taxation landscape reflects the evolving transportation sector and the pressing need to address both fiscal gaps in road funding and environmental concerns.
Any move to repeal the cap or enhance the deduction would disproportionately benefit higher earners, making the tax code more regressive.
Property taxes are the primary tool for financing local governments and generate a significant share of state and local revenues.
If the policy goal of taxing cigarettes is to encourage cessation, vapor taxation must be considered a part of that policy design.
As more and more states move away from throwback or throwout rules, those states that still impose these rules are becoming less attractive for businesses, which are incentivized to relocate their sales activities to non-throwback states.
California pumps out the highest state gas tax rate of 77.9 cents per gallon (cpg), followed by Illinois (66.5 cpg) and Pennsylvania (62.2 cpg).
However well-intended they may be, sales tax holidays remain the same as they always have been—ineffective and inefficient.
Compare the latest 2023 sales tax rates as of July 1st. Sales tax rate differentials can induce consumers to shop across borders or buy products online.
Taxes are the single most expensive ingredient in beer, costing more than the labor and raw materials combined.