Connecticut received the dubious honor Wednesday of moving ahead of New Jersey with the highest taxpayer burden among the 50 states, according to a new “Financial State of the States” report from Truth-in-Accounting (TIA). Illinois, Massachusetts, and Hawaii follow in the 48th, 47th and 46th positions among the nation’s 50 states, as calculated by the Chicago-based non-profit that tracks government spending and debt at the metropolitan, state, and federal levels. Each Connecticut resident’s share of the Nutmeg State’s total outstanding debt is $62,500, compared to $58,300 for New Jersey, $57,000 for Illinois, $38,100 for Massachusetts, and $37,000 for Hawaii. “Connecticut’s money needed to pay bills increased by more than $10 billion to $79.6 billion mostly because the state’s pension and retiree health care plans’ actuaries determined future state contributions will need to increase because estimated future investment income will be less than previously expected,” according to the report. Despite being …
Connecticut Displaces New Jersey as State With Biggest Taxpayer Burden
September 29, 2021
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