20 Of The Worst States For Retirement In The US

20.Connecticut-- big income gap and high tax

Connecticut had an estimated per capita personal income of $79,087 in 2019, the highest of any state. However, income disparities are wide across the state. After New York, Connecticut has the second-highest average income gap in the country between the top 1 percent and the bottom 99 percent. Connecticut has the third highest number of millionaires, according to a 2018 study by Phoenix Marketing International. In the United States, it is 7.75 percent.

Taxes are collected by the Connecticut Department of Revenue and local municipalities.

As of 2012, Connecticut residents had the second highest combined state and local tax rate after New York, at 12.6 percent of income, compared with the national average of 9.9 percent reported by the Tax Foundation.