Oh, joy, we all know what that means. Money goes in and never comes out.
Which isn’t that surprising that a national think tank scored Connecticut 49th out of 50 states when it comes to its tax burden.
Only beating New Jersey, Connecticut has the worst tax burden in the entire nation. CT News Junkie reports that the group, Truth in Accounting (TIA,) is now referring us as a “sinkhole state” after reviewing their latest findings.
They say that in order for the state to be considered debt free, every individual would have to cough up $49,000 to the treasury department. They came to this number by looking at all the data, including promised but unfunded benefits, such as retiree health care and pensions.
The Chicago-based nonprofit says our individual tax burden has gone up from last year’s report ($48,600.)
At least we aren’t Jersey, their individual tax burden is $59,400. Then again, knowing our politicians, they might be seeing those numbers as a direct challenge. Or an idea of how much wiggle room they have before coming up dead last in next year’s TIA report.
TIA Founder and CEO Sheila Weinberg told CT News Junkie that a high tax burden negatively affects every resident, “If these amounts don’t decrease, taxpayers will suffer, whether it’s through higher interest rates, tax increases, or fewer government programs.”
The report becomes even bleaker as it goes on and talks about government transparency and how their financial balance sheets compare to other states.
Wienberg said that Connecticut “is still hiding $1.8 billion of pension debt and $14.7 billion of retirement debt.” With that, it means the state needs to drum up $62.4 BILLION to pay all its bills in order to be back in the black.
Now, how do you think that’s gonna happen?