09/24/2021

Tired of High Taxes? Maybe It’s Time to Move

Everyone complains about taxes. But millions of American households apparently are doing something about it: Picking up and moving.

A CNBC analysis of tax data and figures provided by two major national moving companies shows that states with the highest per-capita taxes, for the most part, are also seeing the biggest net migration out of those states.

Read MoreWhy your state may be forced to raise your taxes

Take Connecticut, for example.

Earlier this week, the Nutmeg State’s legislature approved a collection of new taxes to close a two-year, $40 billion budget to help pay the multibillion-dollar tab to repair and replace the state’s dilapidated roads and bridges. The package includes a 50-cent-per-pack hike in cigarette taxes and a bump in tax rates on corporations and the state’s wealthiest earners.

The budget battle drew heated debate, along with threats from large employers like General Electric, which issued a rare statement that it might consider moving its Fairfield headquarters.

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