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Jun 06

Hartford, Connecticut government approaches bankruptcy despite extracting some to the nation’s highest property, income and sales tax rates

Hartford, Connecticut is typical of eastern cities in that its voters have placed great trust in government management.

Connecticut is a wealthy state with thousands of high-earners who work in the insurance industry, and in the greater New York City area. But the State’s tax rates are among the nation’s highest.

Hartford, the capitol city, has the highest property tax rates in the state, but the city government cannot pay its bills and is approaching bankruptcy. See here.

The Wall Street Journal reports that “Half of the city’s properties are excluded from paying tax because they are government entities, hospitals and universities.”