Posted on 05/01/2017 5:21:04 PM PDT by raybbr
HARTFORD >> Connecticut’s income tax collections plummeted at the end of April leaving Connecticut with a gaping $5.2 billion hole in its budget for this year and the next two fiscal years.
Revenues are down about $413 million this fiscal year, and another $597 million and $865 million in fiscal year 2018 and 2019, respectively, according to the latest estimates. That means the budget hole lawmakers and Democratic Gov. Dannel P. Malloy will have to fill after depleting the $235 million rainy day fund is about $5.2 billion.
“The precipitous drop in revenue we experienced in late April creates major challenges for the state throughout the remainder of this fiscal year and into the next biennial budget we are currently working on,” Office of Policy and Management Secretary Ben Barnes, said Monday. “We need to take immediate action to reduce spending between now and June 30 to reduce our current year deficit as much as possible to prevent the need to borrow to meet expenses.”
The revenue from Connecticut’s top 100 taxpayers was down 45 percent, according to budget analysts.
(Excerpt) Read more at nhregister.com ...
CT is only the 3rd highest taxed state, behind NY and NJ -- why not go for number one!!
Do like Illinois and California, just keep floating debt.
Dan Malloy never understood that the more you tax something the less of it you get. Now he’s way short on faulty if not outright dishonest revenue projections, while simultaneously losing 30,000 productive taxpayers a year to outmigration. Malloy literally put the final nails in Connecticut’s coffin. The icing on the cake: Malloy leads the Democratic Governors Association.
Not only that but a business that thinks about coming to CT has yet another reason not to.
Sounds like they need to raise taxes again. Here in California we just raised gas and car registration tax.
Still stuck here. My mom is done making moves (she’s 80) and I figure she supported me when I needed it so I’m going to hang out and be here for her.
Big question is where to after this? Sick of snow and I don’t do well in the heat of the deep south. Hopefully I’ll have a while to figure it out (keep on, keepin’ on, mom!)
CT will soon be as broke as Puerto Rica or Cuba but without the warm winters.
The South has air conditioning.
>>then Google “GE moves to MA for lower tax rates”
You know your taxes are too high when companies are leaving your state to go to the ‘low tax’ state of Massachusetts...
I live in this state. I want to get out of it so badly, and taxes are the biggest reason. Home prices, a close second Despite having a better than average income, the state makes me feel poor. The only reason why I stay here is because my wife’s family is close by. Eventually, there will be a last straw. If Trump’s tax plan moves forward, it will be the last straw. If I can’t deduct my punishing state taxes from my income . . .well.
To be honest, I think it is horsecrap that tax free states like Florida have to subsidize states with high income tax, by allowing the citizens of that state to make the deduction. .
Did you see who will run next year for the Democrats. It was the former scumbag mayor of Bridgeport, who spent several years in prison on Federal corruption charges. Sadly, the moron liberals in this state will vote him in.
Same here in NJ; proximity of ageing family members (plus a mortgage in a dying area). NJ is trying to make college more affordable for in-state residents because many young people go to cheaper colleges out-of-state (cheaper even though they are out-of-state residents in those other areas) - and they never come back. The brain drain is very real here in NJ, and it shows in many workplaces. The issues many people have with Asian IT support (begging for a competent Westerner to address problems) happen in just about every business here.
Even worse, tax-paying employers are leaving, so many lower-wage taxpayers are now earning, and paying, $0.
“You know your taxes are too high when companies are leaving your state to go to the ‘low tax’ state of Massachusetts...”
Right.
And those running CT have no clue as to why they have an huge revenue shortfall.
Folks in California are about to get a major dose of that same tax lesson.
Goofy Moonbeam and his SuperMajority legislature are headed into La-La Land.
sorry for the late reply, I go missing sometimes.
Can’t really say whats a good move; I moved to Oregon, not a percentage move, but better than NE, except NH or maybe Maine now.
I’d say TX, but you have the heat there, and ID, but economy is smaller than OR, WA.
When my wife and I moved there was, I’m open to anywhere except Calf and the NE. She wanted Oregon and so we’re here thinking of our next move.
Maybe north AZ or Iowa, but don’t know much about those states.
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