[BobNJ1960]

Originally Posted by kidyankee764

Absolutely. Taxes are a huge expense. People don’t realize how big of an expense it actually is until they move to a low tax state.

It is one of the larger expense items in any household's budget.

[BobNJ1960]

Originally Posted by beerbeer

Congrats to Democrats in legislature they just passed a bill that will lose 15,000+ more jobs. Geniuses.



https://www.hartfordbusiness.com/art...-cost-15k-jobs

I have no doubt based on what has occurred in NYC amongst the low skilled jobs, this estimated loss will be exceeded in Ct.

[kidyankee764]

Originally Posted by JayCT

So you agree that they are correct in their ranking of Connecticut having the fourth highest Real State-Price Adjusted Income. . Thank you for clearing that up. Jay

I haven’t yet agreed nor disagreed with the link, but in reading it, they appear to only look at disposable income. They do not take into account the other factors that are present when it comes to cost of living - property taxes, and general misc expenses like car taxes. That’s why doing the math yourself (looking up cost of living index vs most updated income) really displays the truth. And seeing that Tax Foundation ranks CT as having among the highest property taxes and overall tax burden in the nation (higher than WA state, if you remember correctly ), it would only be appropriate for them to take this into account when releasing adjusted incomes.

That, and the article is over 5 years old. A lot has changed in CT in 5 years regarding tax burden and [slow] income growth.

[JGBigGreen]

I wrote the author of the article- Lyman Stone- and he confirmed that the figures do not include property tax. Feel free to write and verify yourself.

Originally Posted by JayCT

And you can’t say it does not include taxes. It is not “beyond ridiculous” to believe an organization whose purpose is to comment and influence tax policy would not consider it. Below is the description of their purpose from their website. Jay

The Tax Foundation is the nation’s leading independent tax policy nonprofit. Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and global levels. For over 80 years, our goal has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity.

[JayCT]

Originally Posted by JGBigGreen

I wrote the author of the article- Lyman Stone- and he confirmed that the figures do not include property tax. Feel free to write and verify yourself.

So I too reached out to Mr. Stone and he did get back to me. He forwarded me this link which is a map that gives you real personal disposable income by state. He said this analysis DOES include consideration of taxes and not only does it show that Connecticut's disposable income is high, it is by far the highest ($52,669 verses $51,632 for No. 2 Wyoming). Funny he did not send that to you.

This should clear up the question once and for all and show that even when cost of living and taxes are considered, Connecticut is the most affluent state in the country. Jay

https://datawrapper.dwcdn.net/DkNFP/1/

[JayCT]

Originally Posted by kidyankee764

There’s really not a source. You have to take it upon yourself to look up the statistics.

According to Sperling (which is similar to other sources), the New Haven metro cost of living index is 15% higher than the US average (114.5 vs 100).

According to DataUsa, the New Haven metro has a median household income of $66,800, vs $58,000 USA average.

The cost of living difference is 15%. The income difference is 14%. The proof is in the numbers - which says CT’s “high” income is driven by higher salaries due to cost of living, and adjusted, isn’t much different than most states.

Your analysis is flawed. If you look at median household income which is a measure of the income for each household in the state rather than just income for wages earned you will see a very different condition.

Connecticut's median household income is $67,740 verses a US median of $51,914. That is 30% higher than the US median. For New Haven County, the example you gave, the median household income is $61,114 which is 18% higher than the US median. Hartford County has a median household income of $62,590 which is 20% higher than the US median. Add to this the information provided by Mr. Stone in my post above, we can put to rest any question of whether our higher cost-of-living and taxes makes a significant difference in our affluence ranking. Jay

https://en.wikipedia.org/wiki/List_o..._capita_income

[JGBigGreen]

I clearly stated I asked if it included property taxes. Did you differentiate that in your query to distinguish between property taxes being included versus income taxes? It would make sense that it included income tax as CT's income tax is quite reasonable. I did not say income taxes, I pointed out that it doesn't include the ridiculously high property tax burden and the author confirmed that.

James <jgbiggreen@*****.com>

Wed, May 22, 5:48 PM (17 hours ago)




to lymanrstone


Mr. Lyman,

Good afternoon. I'm writing with an question regarding an old article you wrote on the Tax Foundation's site. My question, if you're willing to answer, is does the comparison and ranking of state's using the BEA RPP figures include property taxes for each state to calculate the adjusted real income? I'm curious as I'm of the belief that the ranking only looks at RPP and not taxes while someone else is insisting it must include property tax comparison's as it is published on the Tax Foundation site.


Many thanks for any clarification you can provide.


Here is the article I'm writing about: https://taxfoundation.org/new-state-...e-differences/


New State-Level Price Data Shows Smaller State Real Income Differences | Tax Foundation
taxfoundation.org
About Us. The Tax Foundation is the nation’s leading independent tax policy nonprofit. Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and global levels.



Respectfully,

James









Lyman Stone

Wed, May 22, 9:20 PM (13 hours ago)











It does not include property taxes, no.

Originally Posted by JayCT

So I too reached out to Mr. Stone and he did get back to me. He forwarded me this link which is a map that gives you real personal disposable income by state. He said this analysis DOES include consideration of taxes and not only does it show that Connecticut's disposable income is high, it is by far the highest ($52,669 verses $51,632 for No. 2 Wyoming). Funny he did not send that to you.

This should clear up the question once and for all and show that even when cost of living and taxes are considered, Connecticut is the most affluent state in the country. Jay

https://datawrapper.dwcdn.net/DkNFP/1/

[JayCT]

Originally Posted by JGBigGreen

I clearly stated I asked if it included property taxes. Did you differentiate that in your query to distinguish between property taxes being included versus income taxes? It would make sense that it included income tax as CT's income tax is quite reasonable. I did not say income taxes, I pointed out that it doesn't include the ridiculously high property tax burden and the author confirmed that.

James <jgbiggreen@*****.com>

Wed, May 22, 5:48 PM (17 hours ago)




to lymanrstone


Mr. Lyman,

Good afternoon. I'm writing with an question regarding an old article you wrote on the Tax Foundation's site. My question, if you're willing to answer, is does the comparison and ranking of state's using the BEA RPP figures include property taxes for each state to calculate the adjusted real income? I'm curious as I'm of the belief that the ranking only looks at RPP and not taxes while someone else is insisting it must include property tax comparison's as it is published on the Tax Foundation site.


Many thanks for any clarification you can provide.


Here is the article I'm writing about: https://taxfoundation.org/new-state-...e-differences/


New State-Level Price Data Shows Smaller State Real Income Differences | Tax Foundation
taxfoundation.org
About Us. The Tax Foundation is the nation’s leading independent tax policy nonprofit. Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and global levels.



Respectfully,

James









Lyman Stone

Wed, May 22, 9:20 PM (13 hours ago)











It does not include property taxes, no.

I see that he answered your question very simply that it did not include property taxes. My question was More comprehensive and explained what we were discussing He replied by sending the Link I posted saying it included taxes. I will post his response when I have access to a computer. Jay

[kidyankee764]

Originally Posted by JayCT

Your analysis is flawed. If you look at median household income which is a measure of the income for each household in the state rather than just income for wages earned you will see a very different condition.

Connecticut's median household income is $67,740 verses a US median of $51,914. That is 30% higher than the US median. For New Haven County, the example you gave, the median household income is $61,114 which is 18% higher than the US median. Hartford County has a median household income of $62,590 which is 20% higher than the US median. Add to this the information provided by Mr. Stone in my post above, we can put to rest any question of whether our higher cost-of-living and taxes makes a significant difference in our affluence ranking. Jay

https://en.wikipedia.org/wiki/List_o..._capita_income

Your interpretation of my analysis is flawed. I specifically noted it does not include property taxes on home and vehicle (which it does not). He said it included “taxes”, which means income or state tax rate.

Because CT has among the highest overall tax burden largely due to property taxes, this changes everything.

[beerbeer]

Originally Posted by JayCT

So I too reached out to Mr. Stone and he did get back to me. He forwarded me this link which is a map that gives you real personal disposable income by state. He said this analysis DOES include consideration of taxes and not only does it show that Connecticut's disposable income is high, it is by far the highest ($52,669 verses $51,632 for No. 2 Wyoming). Funny he did not send that to you.

This should clear up the question once and for all and show that even when cost of living and taxes are considered, Connecticut is the most affluent state in the country. Jay

https://datawrapper.dwcdn.net/DkNFP/1/

Don't the billionaires skew the results?