American Thinker: Cause and effect. In the case of Connecticut, high taxes are leading to an exodus of wealthy residents, reducing the tax take for a state already struggling trying to balance its budget.
We’ve seen this in other states, including Illinois, New York, and California. But in Connecticut, the exodus appears to be especially heavy among rich taxpayers, leading to a huge loss in revenue that the state can ill afford.
It’s common knowledge now that Connecticut is seeing an exodus of residents. But are the rich leaving? According to the latest IRS data, they are.
Legislators who hope to solve the state’s budget crisis with ever-higher taxes should pay attention. The data are clear:
Those who moved out of Connecticut from 2015 to 2016 took with them more than $6 billion in adjusted gross income, or AGI. People who moved to Connecticut brought with them only about $3.36 billion in AGI. The total net loss to Connecticut: $2.7 billion. In one year. That was in the top five of all states, regardless of population.
Connecticut realized $6.85 billion in income tax from the 2015 tax year, or 4.3 percent of the $161 billion in AGI reported from all filers. If that same ratio held true in 2016, then the loss of $2.7 billion in AGI would have meant an actual loss of more than $100 million in income tax revenue. more here
I lived there many years until finishing HS. Now a completely different place. Liberal dimwits can screw up anything and any place. It’s a shame they seem to multiply like hoodrats.
Electing an ex-con for governor should finish the job.
Another 5 or so years and Shitlinois will be in my rear view mirror. To make it somewhat palatable to live in this state, we moved to a rural community this past summer. I like it out here, surrounded by 25 times more of my own land and 30 times fewer assholes stinking up a 20 mile radius. However, the writing is on the wall, Illinois is done. Ruined by progressive goofs who want to control everyone, whether those individuals live in the city or not. I think I’m getting dumber by the day through osmotic pressure of the ruhtards merely being 35 miles away.
Build the Wall. They voted for this shit now live with it.
Quit exporting it to my state.
Damn, throw up the border fences, before they continue to move their pollutions to other states.
If we’re lucky, they’ll move off shore, or to ELLYSIUM.
New Jersey is coming on strong and may well be in worse shape then the aforementioned. Smoke and mirrors bandaids only work for a short time.
NJ not far behind. The Editor of the local rag is a funny regressive. During the tax cut negotiations and after it was passed, the Editor column “Our View” would complain how bad Trumps tax cuts were going to affect high tax states including NJ. 1 in 4 residents will see higher rates because of this. Everything going to hell in the handbasket.
In different letters about the incoming Jerry Brown wannabe named Murphy, they say they are cautiously optimistic about him. Yet they acknowledge Murphy’s proposals are going to cost the state taxpayers a fortune. He wants to get rid of the state employee pension shortfall (like 40 billion I think), fully fund all schools, make NJ Sanctuary State, bring back the Millionaire tax, $15 minimum wage and all other types of Regressive failed ideas that will effect 4 out of every 4 NJ residents. Murphy says he wants to do things nobody else has ever done, except everything he wants to do has already been done in California and failed miserably.
So if you are the regressive editor of a NJ regressive rag, their math says this:
Republican Tax cut where 75% of residents will see a cut = BAD
Democrat Governor who will cost 100% of residents higher taxes and fees at every corner = Cautiously Optimistic
Oh and then the kicker. We get a notice back in December that the rag is raising their monthly subscription from $35/mo to $51/mo, but they are going to offer the same award winning news service etc etc. Paper has shrunk to nothing over the years and most of their news articles outside of the state come from USAToday (aka: Left wing propaganda). A 45% hike in their price!
Yes we cancelled the subscription right away, further doing our part to save the environment from these evil newsprint companies that rely heavily on cutting down our sacred forests in order to make a profit!
Pinko lives there, but I don’t think he is rich.
Just like California’s neighbors are finding out, Connecticut’s neighbors will find out that when people flee a liberal-destroyed state, they bring the same destructive liberal ideology to their new home. It’s like the spread of a virus; when the virus destroys a host cell, virus particles leave the wreck to infect nearby cells.
CT is Home, but we’re eyeballing the exit too. Shame, because it has some great pluses – LI Sound, natural beauty, accessible to NY and Boston without the negatives. Higher taxes are making me ask, why the hell am I paying this? What benefits do I draw from the pool of money that I help create? None whatsoever.
Old Oaks, we left 3 years ago for TN. It was like getting a $40,000 raise after the drop in income and property taxes, and not needing to put the kids in private school anymore.
“Take Paradise; put up a Parking Lot.”
So … turn CT into a cesspool of taxes and corruption and then run like Hell?
WTF?
izlamo delenda est …
Connecticut could save a ton of money by giving their bums one way tickets to Portland, Oregon. The Portland mayor LOVES bums, just cannot get enough of them. Mayors from all over the nation are now going to tell their bums to head for Portland, maybe they’ll get one of those $400,000 condos. Those condos are in an area rabidly infected with rich liberals, who deserve what they’re getting. Portland is going to top the nation in becoming a turbo charged scum magnet. Maybe all those southern California hospitals can get some relief.
I’m from NY/CT/MD/VA – Y’all head down to Bluffton, SC! I would welcome all IOTWders! I found a conservative enclave close to God’s beaches! Taxes are low and lifestyle is high. I’d love to show you around if BFH allows fellow self promotion!
As I have stated before, I am ready to absquatulate from the Commonwealth for similar reasons that I left MD 20 years ago…. SC is definitely in my future. Shite! as a matter of fact, after this last week or so I am seriousely considering that swamp called Florida…. Fook!
“Speaking the truth in times of universal deceit is a revolutionary act.” Geo. Orwell
For crying out loud! SERIOUSLY!
My Sister and my Mom are stuck there. Great
Been out for a long time now, born there. Left before it all went down the tube. The rich people leaving are not the Liberals, there are towns that used to be the highest Per-Capita income towns in the Country. There is a lot of corruption, it’s destroying the place. Going to take Miss Conduct’s advice, my new state is turning into a Liberal mess too. 🙂