Income tax revenue collapses; Malloy says taxing the rich doesn’t work
By Mark Davis, News 8 Chief Capitol Correspondent
Published: April 28, 2017, 5:23 pm
HARTFORD, Conn. (WTNH)–Connecticut’s state budget woes are compounding with collections from the state income tax collapsing, despite two high-end tax hikes in the past six years.
It means the current budget year, which ends in just two months, is now seriously in the red and next year’s deficit has ballooned to $2.2 billion.
It’s happening because the state of Connecticut depends too much on its wealthy residents, and wealthy residents are leaving, and the ones that are staying are making less, or are not taking their profits from the stock market until they see what happens in Washington.
Governor Malloy added, “The reality is that in Connecticut we get most of our money from very few people and that can produce some very wild swings.”
“The rich” aren’t sitting still and letting the state @#$%^ them? Who’d athunk it?!
This is like elementary school economics! Money replaced barter because coins are more portable than bushels of wheat or chickens. “The rich” are taking their $$ from CN, from CA, from NY, from … to states that don’t see them as infinitely milkable cash-cows.