[kidyankee764]

Originally Posted by CTartist

A new report gives Connecticut the dubious distinction of having the second highest tax rates in the country and it could get even worse.
https://patch.com/connecticut/trumbu...campaign=alert

I can tell you from experience; the difference in expendable cash resulting from living in an area with much lower taxes is truly unbelievable.

[JayCT]

Originally Posted by kidyankee764

There’s a lot more to an economy than a faux unemployment rate and median income, though.

Yes, there is but the same thing could be said about those so called high growth states people here keep pointing to. It goes both ways.

Like it or not, the unemployment rate and median income are two of the most important and often cited criteria for economic health and both of them here in Connecticut are pretty good. If they weren't, then someone could call our economy a "basket case" but they are not. Jay

[CTartist]

Originally Posted by JayCT

This again??? We have talked about Wallethub's ratings before and they take a very simplistic approach to a complex question so the rankings are not necessarily that accurate. One reason we rate high in taxes is that we also have one of the highest incomes in the country. More income, more taxes. Much of those taxes are not even paid here. Should Federal taxes or taxes paid in New York by Connecticut residents be included in out rankings since our state has no control over them?

Also, property taxes are high because we have a lot of very expensive real estate. The same is true for cars. Another thing that Wallethub ignores is fees. Many states charge fees instead of taxes. A more comprehensive evaluation of Connecticut's taxes shows that consideration of these factors helps make Connecticut's rankings drop to a more reasonable ranking. Still there is no arguing that Connecticut is expensive. Its just not as expensive as a simplistic ranking like Wallethub shows. Jay

I know what you are saying. That is why I didn't make a comment and just posted the article.

But here is some good news to balance things out.

Connecticut’s Great Depression May Be Over
The Constitution State’s economy is finally growing again, and so is its young-adult population.
https://www.bloomberg.com/opinion/ar...8604xvOqc7jY8s

"One is tempted to surmise from anecdotal evidence that most of these new Connecticut young adults live in Stamford, which has in recent years sprouted whole neighborhoods of apartment buildings catering to young professionals.................A big attraction of Stamford is that it’s less than an hour by train from midtown Manhattan."



My birthplace and the "City that Works" saves the day! Go Stamford!

[jxzz]

Originally Posted by CTartist

I know what you are saying. That is why I didn't make a comment and just posted the article.

But here is some good news to balance things out.

Connecticut’s Great Depression May Be Over
The Constitution State’s economy is finally growing again, and so is its young-adult population.
https://www.bloomberg.com/opinion/ar...8604xvOqc7jY8s

"One is tempted to surmise from anecdotal evidence that most of these new Connecticut young adults live in Stamford, which has in recent years sprouted whole neighborhoods of apartment buildings catering to young professionals.................A big attraction of Stamford is that it’s less than an hour by train from midtown Manhattan."



My birthplace and the "City that Works" saves the day! Go Stamford!

Not surprisingly it is mainly Stamford.

Stamford is such unique city in CT, maybe even in U.S. point of view. Building every where, construction every where. Landlord, rich people are not stupid, the whole construction boom for me means that something good in economy is cooking there.

[kidyankee764]

Originally Posted by JayCT

Yes, there is but the same thing could be said about those so called high growth states people here keep pointing to. It goes both ways.

Like it or not, the unemployment rate and median income are two of the most important and often cited criteria for economic health and both of them here in Connecticut are pretty good. If they weren't, then someone could call our economy a "basket case" but they are not. Jay

I agree “basket case” is a bit of a juvenile term but income goes a lot deeper than the final number. You have to look at the fact that 7 figure income people are leaving the state faster than the middle class. While there’s an increase in the 100-200k income people, the number of money going to Hartford will be less (there was an article published on this awhile back but I can’t find it). Also, I’m not sure the last time the census was done (2010?) but I’m concerned the next census will be concerning for the state.

Anyway, just my opinion based on some facts I’ve read.

[CT_Yank]

Originally Posted by jxzz

Not surprisingly it is mainly Stamford.

Stamford is such unique city in CT, maybe even in U.S. point of view. Building every where, construction every where. Landlord, rich people are not stupid, the whole construction boom for me means that something good in economy is cooking there.

Well, NJ built Xanadu/American Dream/ whatever 15 years ago as biggest and best shopping experience in Northeast. Place has been a bailout mess for years. I also don't think Stamford is replacing those higher paying jobs lost in finance.

[jxzz]

Originally Posted by CT_Yank

Well, NJ built Xanadu/American Dream/ whatever 15 years ago as biggest and best shopping experience in Northeast. Place has been a bailout mess for years. I also don't think Stamford is replacing those higher paying jobs lost in finance.

Looking at this from positive angle on Stamford. Whatever lost in finance because of rise of automatic trading, robot AI trading is done in Stamford. Nothing more to be lost there. From here there should be good stuff coming.

The real danger is Hartford, to a less degree New Haven. Insurance industry will be killed by either Amazon or AI Robots. Waves of negative things is moving along through CT. Not many people like this kind of WAVE. but it is kind of tech reality trend here.

[BobNJ1960]

Originally Posted by kidyankee764

I can tell you from experience; the difference in expendable cash resulting from living in an area with much lower taxes is truly unbelievable.

I can also tell you Nashville metro where I lived, even burbs, restaurant traffic is much higher than Milford area-due to disposable income gap, lower COL, leaving more for the productive sector (the private one).

A dollar fed to the beast of govt is a dollar less to the productive sector.

[LMPA]

https://ctmirror.org/category/ct-vie...-rising-taxes/

https://taxfoundation.org/property-t...r-capita-2019/

[markfromct]

Originally Posted by LMPA

https://ctmirror.org/category/ct-vie...-rising-taxes/

https://taxfoundation.org/property-t...r-capita-2019/

Thanks for posting these. I know quite a few people nearing retirement who plan on leaving and the property taxes are one of the main reasons. They would love to stay here but can't afford it on a fixed income.