Connecticut's Tax Deficit Analysis

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The high taxes in many states like Connecticut damage the economy and drive away citizens. Many states such as Connecticut, California and Massachusetts have very high tax rates. This does not mean, however, that their governments make use of these high tax rates for improvement. In fact, Connecticut is one of the wealthiest states in the nation, yet even with high, it still has a large deficit. Derek Thompson writes of this issue, “Despite being the richest state in the country, by per-capita income, Connecticut’s budget is a mess. Its pensions are woefully underfunded. Its deficit is projected to surpass $2 billion, or 12 percent of its total annual tax revenue. Hartford is approaching bankruptcy. Conservatives look at Connecticut and see

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