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Terrifying Financial News About Taxes and Wealth in Connecticut
People outside of Connecticut think the state is a big sanctuary for billionaires, but we know the truth. There are a lot of normal people who live here and work hard to stay. We work to keep our heads above water and it’s not easy.
I recently came across two studies published days apart that highlight some of the financial hardships here in the Nutmeg State.
Study #1: What It Takes to Be Considered Rich in Connecticut
GoBanking Fees carried out a study to find out how much you need to earn to be considered rich in each state. They determined that Connecticut’s limit is crazy. To be considered rich in Connecticut, you need to earn $656,438 or more each year. Our neighbors in New York, needs to earn $621,301.
Other important discoveries
- In 2017, only Connecticut and the District of Columbia (DC) had median incomes for the richest 5% of more than $500,000. Just five years later, in 2022, that number rose to 12 US states. The median income of the richest 5% in Washington, California, Massachusetts, Hawaii, Virginia, Colorado, New York, New Jersey, Illinois, Maryland, Connecticut, and the District of Columbia is more than $500,000 annually.
Study #2 – A Lifetime of Taxes in Connecticut
Self conducted a study to see how much the average person will pay in taxes over their lifetime. They released statistics for each state and Connecticut was third highest in the country. The average Connecticut Resident Will Pay $855,307. Our neighbors in New York had the fifth-largest tax bill in America, with a total of $748,199.
Other important discoveries
- The highest lifetime tax bill is in New Jersey, with a total of $987,117. The average taxpayer in the U.S. will spend about $524,625, about one-third (34.7%) of all estimated lifetime earnings ($1,494,986) on various state and federal taxes.
We have a term for this type of news on the I-95 Morning Show. This is what we call “Big Fear” content. If you weren’t scared after reading this, you’re probably tripping right now.
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5 of CT’s richest billionaires, most of them live on the Gold Coast
According to wise voter, Connecticut is the seventh richest state in the country and a region called the Gold Coast is the main source of most of the wealth. You know the names Greenwich and Darien, these places are talked about as if they were mythical lands, but they are real and so are the humans who inhabit them. Here are some of those people, these are 5 of the richest billionaires in CT.
Gallery credit: Lou Milano
5 Extremely Rich and Fascinating CT Financial Statistics
There are people who are not from here who make a lot of assumptions and generalizations about the Nutmeg State. When they say we’re all just a bunch of rich, country club types, I take the time to correct them and give them a little inside perspective.
However, numbers are numbers, and according to the rules, we are many of the things they call us. I’m not a wealthy person, I never went to a private school, I didn’t go to an elite east coast university, and I was never a member of a country club. However, looking at Connecticut’s financial statistics makes me feel like I may have made some mistakes along the way. There is an absurd amount of money in this state. Here they are 5 Fascinating Dirty and Rich CT Financial Statistics.
Gallery credit: Lou Milano
In the Shadows of Wealth: Connecticut’s 10 Most Impoverished Neighborhoods
The pockets of wealth in Connecticut are extraordinary and that is the perception of our state across the rest of the country. Many Americans from other regions make assumptions about life in the Nutmeg State that we know are far from the truth. There are pristine communities where the rich and powerful play with their toys and then there is everyone else. This division, this difference is extreme, but for some it must seem even more desperate. These are the communities they don’t tell people about, the 10 most impoverished neighborhoods in Connecticut.
Gallery credit: Lou Milano