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. Malloy’s 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 ...
Now why would the rich be leaving such a tax heavy state? We’ve been told that libs like taxes so much...except when they have to pay them.
The middle class is headed south, the poor are moving in and the rich are tripling their security.
Lefties often say political garbage / just words : AGW, soak the rich, affirmative action ...
They really mean : We win, you lose.
George Soros, Bill Gates, Warren Buffett.. other elites also hire clever lawyers to set up tax free scams like the Clinton Foundation.
Eat the Rich by PJ O’Rourke
“Book Summary
In P.J. most ambitious book since Parliment of Whores, he takes on an even broader subject, but one that is dear to us all - wealth.
In P.J. O’Rourke’s classic bestseller Parliament of Whores, he attempted to explain the entire United States government. Now, in his most ambitious book since, he takes on an even broader subject, but one that is dear to us all - wealth. What is it? How do you get it? Or, as P.J. says, “Why do some places prosper and thrive, while others just suck?
The obvious starting point is Wall Street. P.J. takes the reader on a scary, hilarious, and enlightening visit to the New York Stock Exchange, explaining along the way stocks, bonds, debentures, commodities, derivatives-and why the floor of the exchange is America’s last refuge for non-psychotic litterers.
P.J. then sets off on a world tour to investigate funny economics. Having seen “good capitalism” on Wall Street, he looks at “bad capitalism” in Albania, views good socialism” in Sweden, and endures “bad socialism in Cuba. Head reeling, he decides to tackle that Econ. 101 course he avoided in college. The result is the worlds only astute, comprehensive and concise presentation of the basic principles of economics that can make you laugh, on purpose.
Armed with theory, P.J. ventures to Russia in a chapter entitled “How (or How Not) to Reform (Maybe) an Economy (If There Is One) and discovers that Russia is a wonderful case study-unless, of course, you’re Russian. P.J. then goes to Tanzania, a country rich in resources that is utterly destitute, before arriving in Hong Kong, which even as the British prepare to hand it over to the communists is a shining example of how unfettered economic activity can “make everything from nothing.” P.J. ends up in Shanghai, observing a top-down transition to capitalism, a process he describes as if the ancient Egyptians had constructed the pyramid of Khufu by saying, Thutnefer, you hold up this two-ton pointy piece while the rest of the slaves go get 2,300,000 blocks of stone.
P.J.s conclusion in a nutshell: the free market is ugly and stupid, like going to the mall; the unfree market is just as ugly and just as stupid, except there’s nothing in the mall and if you don’t go there they shoot you. “
Exactly right. It's a beautiful state, but absolutely RUINED by the Leftists. My husband and I hope to get out of CT before the entire real estate market here crashes. Not sure we have much time left, but we can't move just yet.
Plus CT relies very much on Defense spending for employment here (Pratt & Whitney, Sikorsky, Hamilton Standard, etc.). Yet the liberal idiots here always vote for 'RATs who *hate* spending $$$ on Defense. Boggles my mind...
BINGO! Exactly right.
I’m with you Nutmeg. Still stuck here.
Connecticut doesn't have much of a tax base. Yale is one of the state's largest employers, and they're a not-for-profit that doesn't pay standard taxes. Greenwich and Westport are populated by many people who make their money in New York, and so the businesses they work at do not generate corporate tax contributions for Connecticut. They have Electric Boat and Sikorsky, but not too many other companies/corporations. General Electric just moved out - to Massachusetts of all places.
I don’t know. Maybe the government could cut wasteful spending? Just a thought.
Electric Boat moving to Massachusetts? Maybe Admin stuff, because the acual boat yard is tied to the hip to Submarine base Groton. It would cost more than you want to think about to try to move that facility.
But they have said that if Sub Base Groton is ever closed, EB would move down close the Kings Bay GA FBM base.
I’ve been singing that song for a while, not many listen. The individual tax savings all go away in 2025, and the deductions aren’t coming back, meaning a large tax increase for working Americans... wonder why the dems have been quiet about their opposition this is why.
Connecticut Feels Effect of Drop in Super-Rich Tax Payments
Classic story this week : a multi-billionaire from Fairfield Co. paying $30M in state income taxes, just moved to Florida. $30M. The drain has been going for decades.
I have a tag sale addiction. In my travels throughout the state, I can usually chit-chat with folks holding the sale.
While not scientific, 100% of these people who are retiring/downsizing are moving out of the state. 100%. Something I’ve known for years, Emperor Malloy just recognized a few months ago.
I sold my house and left Connecticut forever. Ridiculous place.
Unfortunately, I have to drive thru that commie RAT hole in order to get to Maine.
I fuel my truck up at the PA/NY line. I make sure I have plenty of snacks and drinks, and go to the bathroom before I head out across that state line. My truck carries enough diesel that I can go non-stop thru NY, CT, and MA without stopping for anything....nada....nothing. Not one red cent of my hard-earned money is spent for food, fuel, lodging, etc. in any of these commie-infested wastelands....other than mandatory bridge/road tolls.
The morons here, spent millions on remodeling rest stops here.
Then close them at 3:00 PM. Lovely. Can’t afford to staff them. Enjoy those port-o-lets.
Price of diesel in NH was $2.799 on Sunday; CT $2.999
Just wait until they install tolls. You’ll love it even more.
Well it's bigger than it looks on a map. I live in the most populous part of Connecticut (Fairfield County) yet I am surrounded by acres of woods and it's about 10 miles to the nearest store. You can get lost for hours on the backroads here.
Most of Connecticut is very rural believe it or not.
Much of the population is concentrated on the coastline which is in many ways the "armpit" of the state. For example, Bridgewater. Or New Haven. This is where the money gets spent. All those people in public housing and on welfare.
But get away from the coast and it's beautiful country for the most part.
*...For example, Bridgewater...***
I think you meant to say *Bridgeport* ...the people in Bridgewater will beat you silly with their caviar spoons. :)
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