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.
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“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.
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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 ...
I only go to Bridgeport when I need to catch the ferry to Long Island. Otherwise, I stay away.
I'd love to see a landslide, because someone needs to 'Make Connecticut Great Again' :-)
In my Hartford Whalers Forum, someone said Hartford's mayor will be the next governor, because he wants the NHL back. I wrote 'He won't be, because he tax and spend.'
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