I read somewhere that 15% of Connecticut’s state retirees account for 30% of the state’s budget.
Don’t know if that’s correct but it’s certainly plausible, IMHO.
15% of retirees? That’s nothing! (/s)
Look what happened when ONE MAN (David Tepper, NJ’s wealthiest resident) moved from NJ to FL:
“As Bloomberg reports, the decision by billionaire hedge-fund manager David Tepper to quit New Jersey for tax-friendly Florida has put the Garden State in fiscal peril, and could complicate estimates of how much tax money the struggling state will collect, the head of the Legislature’s nonpartisan research branch warned lawmakers.
That’s right: one person can make or break the precarious fiscal balance of New Jersey.
According to Bloomberg, Tepper, 58, registered to vote in Florida in October, listing a Miami Beach condominium as his permanent address, and in December filed a court document declaring that he is now a resident of the state. On Jan. 1, he relocated his Appaloosa Management from New Jersey to Florida, which is free of personal-income and estate taxes.
His move has put NJ state official in a state of near panic.
“We may be facing an unusual degree of income-tax forecast risk,” Frank Haines, budget and finance officer with the Office of Legislative Services told a Senate committee Tuesday in Trenton.
The reason for the panic is that New Jersey relies on personal income taxes for about 40% of its revenue, and less than 1 percent of taxpayers contribute about a third of those collections, according to the legislative services office. A one percent forecasting error in the income-tax estimate can mean a $140 million gap, Haines said.”