As a family business, we also care about personal taxes which impact the quality of life for our employees and their families. In terms of effective property tax rate — a measure of what people actually pay, based on our different tax rates and assessment ratios — Connecticut ranks sixth highest in the nation, according to the Tax Foundation. Connecticut has a 6.99 percent top marginal individual income tax rate, whereas Florida and six other states have no state individual income tax. Eight other states, including Massachusetts, have flat taxes with single rates between 3 percent and 6 percent. Connecticut also features an estate tax as well as a gift tax — which no other state has — creating compelling incentives for residents to move to more tax-friendly states as they accumulate wealth or retire.