Home Personal Finance CT Earnings Tax City-By-City: Who Pays The Most

CT Earnings Tax City-By-City: Who Pays The Most

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CT Earnings Tax City-By-City: Who Pays The Most

CONNECTICUT — Fairfield County cities led nearly all of the highest 10 slots for complete state earnings tax paid for tax yr 2020.

Greenwich taxpayers paid greater than $900 million in state earnings tax and move via entity tax in 2020, which is the latest tax yr out there. That was greater than double Stamford, which is second on the listing for complete paid; Stamford’s inhabitants is greater than double Greenwich’s.

Eight out of the highest 10 municipalities that paid essentially the most in earnings taxes have been in Fairfield County, in line with information from the state Division of Income Companies.

Seven out of the highest 10 have been in Fairfield County for the highest common tax paid per return and per capita tax paid.

Private earnings taxes make up about half of the state’s normal fund income. The move via entity tax was about 6.5 % of normal fund income in 2020 and seven.5 % in 2021, in line with the Workplace of the State Comptroller. The gross sales and use tax was 22.5 % of the state price range in 2020.

See additionally: Bomb Risk Evacuates Walmart In CT: Police

Connecticut revamped its pass-through entity tax system in 2018 in response to the federal $10,000 restrict on state and native tax (SALT) deductions. Cross-through entity taxes are typically paid by smaller companies when an proprietor or homeowners pays taxes via private tax returns. Gov. Dannel Malloy signed a invoice into regulation that established a pass-through entity tax that was offset by a private earnings tax credit score. The credit score quantity was decreased beginning in tax yr 2019.

Fairfield County cities and cities dominate many of the high 10

The highest 10 cities by complete (earnings tax plus move via tax credit score claimed) are:

Greenwich: $916,372,895 Stamford: $406,126,633 Darien: $285,743,758 Westport: $264,713,486 Fairfield: $255,469,783 New Canaan: $230,056,400 West Hartford: $224,039,635 Norwalk: $180,453,967 Glastonbury: $153,488,988 Ridgefield: $130,184,495

The highest 10 by earnings taxes paid per capita (complete estimated inhabitants of city in 2020):

Greenwich: $14,431 Darien: $13,274 New Canaan: $11,165 Lyme: $10,108 Westport: $9,758 Weston: $6,285 Wilton: $6,251 Avon: $5,501 Woodbridge: $5,254 Ridgefield: $5,206

Prime 10 by common tax paid per return:

Greenwich: $34,971 Darien: $34,728 New Canaan: $28,880 Lyme: $25,536 Westport: $23,327 Weston: $16,854 Wilton: $15,722 Ridgefield: $12,731 Avon: $12,056 Woodbridge: $12,008

Full town-by-town listing