Skip to comments.Connecticut budget can’t rely on ‘the rich’
Posted on 12/21/2017 12:30:43 PM PST by george76
Connecticut continues to be dogged by messy finances. The budget legislators and Gov. Dannel P. Malloy adopted in late October for fiscal year 2017-18 is in deficit. Gov. Malloys Office of Policy and Management estimated a $202.8 million hole Nov. 20, while state Comptroller Kevin P. Lembo concluded Dec. 1 that the hole is $207.8 million. Before these forecasts were issued, the state was expected to contend with a $4 billion deficit in the 2019-21 biennium.
between 2015 and 2016, Connecticut saw a net loss of 2,050 tax filers who earn more than $200,000 per year. This amounted to a loss of $2.5 billion in adjusted gross income, according to Yankee.
Folks earning in excess of $200,000 were most likely to leave the state in 2015-16.
If the rich are leaving Connecticut, it is ignorant to assume targeting them for tax increases will balance the budget. How can state government count on for revenues a group of people who are leaving in significant numbers? Even when wealthy people stay in Connecticut, it is foolhardy to trust that they can take care of everything.
Connecticut residents and policymakers should ignore any and all soak the rich calls from state-employee union leaders, who seldom, if ever, acknowledge the obvious problems with their preferred budget approach.
In the ultimate irony, the concessions deal they and their members were granted over the summer by the legislature and Gov. Malloy will make controlling costs difficult, if not impossible, for the foreseeable future.
(Excerpt) Read more at rep-am.com ...
They can’t blame Trump some way?.....................
The Tate fortune dried up in the late 70s.
The rich wouldn’t be rich if they didn’t
have so much money. Who else can be tapped?
Little Tommy? Maybe if you spend less...
Have in-laws in Connecticut.
They believe that rich people should pay more in taxes. They say “Tax the rich. Tax me. I can afford it.”
They also like to brag about their accountant who is REALLY good about sheltering their money.
And, yes, they see the irony of these two positions which they hold simultaneously. They see it. And they laugh and they laugh and they laugh.
I want to see an insurrection of State Tax Payers. That will be local and close to home. Pass the Popcorn please.
That's how you spell
Wait until the Evil (Liberal) Rich in Silicon Valley realize that the new Tax Bill will cost them big bucks because they can’t write off the Taxes they pay in CA.
They will probably move to Reno and Telecommute.
Their TAX ME TAX ME See if I care sort of looses its air when ALL the shelters are stripped away...
Kind of like the Dave Clark 5 song
Catch us if you can
TAX US if you can.....WELL, maybe NOW your wish will come true..(HA HA HA)
Isn’t CT very small? Like the size of Disney World? What does this tiny state spend their money on? Highways? Isn’t the longest highway about 150 miles long?
Are some neighborhood roads paved in silver?
It’s what happens when you no longer have the ability to spend other people’s money.
Teachers and Administrators who drive Beamers, Union worker pensions, schools that look like palaces....
Yup! My liberal BIL lives in a high tax New England state and called to talk to hubby about the new tax bill. Him and his wife own three properties they pay sky high taxes on that they now can’t deduct from their federal taxes...well they can but when you include this state’s income tax rate of at least 7 percent...they will go above the 10,000 very quickly.
You will never convince liberals that soaking the rich will not solve all their fiscal problems. It’s like AGW, it’s a religious belief.
Years ago, an article in “Reader’s Digest,” titled “Soak the Rich” caught my eye. The read was good, examples of how, if the millionaire, “rich” paid 100% of their income, the government could only run a few weeks. The list was expanded to 100% of all income for those with an AGI of $500,000. The government could operate a few months. In summary, the author stated that “the middle income people must be taxed simply because there are so many of them.”
The Damnocrats feel that taxing the middle class is unfair, playing to sympathies of those who hate the rich. This is their stock and trade. I am sick of it and so happy that President Donald J. Trump is leading us in a better direction.
Here in CT the leftists actually DENY people are leaving the state. Tax the rich! They don’t mind.
Whenever dems are in charge, they take as much money as they can from those who are producing, and give it to those who earn their living by voting democrat.
There is zero chance that the dems will change this. If the high earners leave the state, the state will just raise the tax rates and take more money from those who remain.
Democrats are incapable of acting differently.
I moved from NJ when they started to tax income.
I moved from CT when they started to tax income.
Get out of the North East or Pacific states.
“Move to a ‘right to work’ state that doesn’t tax income.
Life can be good, if you try!
Life long blue state taxpayers have been leaving for some time now and its not just Connecticut. What is masking this is the huge influx of immigrants who are moving into these states for the enhanced benefits they provide. These states are in a vicious cycle of more and more taxpayers leaving and more and more welfare needy immigrants arriving to take their places. Just how sustainable it that?
Tell your liberal Connecticut relatives to just to pay more. Write a check to Trump and CT to pay more. They are permitted to make more payments if they want.
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