Wall Street Journal: "Connecticut’s Tax Comeuppance - With the rich tapped out, the state may resort to Puerto Rico bonds." Anything but cutting taxes.
3 comments:
CT #s
said...
Many wealthy residents decamped for lower-tax states after Mr. Malloy and his Republican predecessor Jodi Rell raised the top individual rate on more than $500,000 of income to 6.99% from 5%. In the past five years 27,400 Connecticut residents, including Ms. Rell, have moved to no-income-tax Florida, and seven of the state’s eight counties have lost population since 2010. Population flight has depressed economic growth—Connecticut’s real GDP has shrunk by 0.1% since 2010—as well as home values and sales-tax revenues.
Connecticut's population since 2010: 2010: 3,574,097 2016: 3,587,010
"The rich are leaving Connecticut" "But population went up!"
I think it's funny that CT is so dependent on the super-rich they're soaking that they had to dispatch officials to beg ONE guy to stay in the state: "Two years ago, tax officials were alarmed that a super-rich hedge fund owner might leave and reduce the state's income tax revenue. They met with the unidentified taxpayer. The effort was partly successful, with the taxpayer's leaving Connecticut but agreeing to keep the hedge fund here."
"Population flight has depressed economic growth" "But population went... up?"
"I think it's funny that CT is so dependent on the super-rich they're soaking that they had to dispatch officials to beg ONE guy to stay in the state" Linked article: "There are probably a handful of people, five to seven people, who if they just picked up and went, you would see that in the revenue stream"
By all means, let's turn over control of Nebraska tax law to Warren Buffett.
3 comments:
Many wealthy residents decamped for lower-tax states after Mr. Malloy and his Republican predecessor Jodi Rell raised the top individual rate on more than $500,000 of income to 6.99% from 5%. In the past five years 27,400 Connecticut residents, including Ms. Rell, have moved to no-income-tax Florida, and seven of the state’s eight counties have lost population since 2010. Population flight has depressed economic growth—Connecticut’s real GDP has shrunk by 0.1% since 2010—as well as home values and sales-tax revenues.
Connecticut's population since 2010:
2010: 3,574,097
2016: 3,587,010
"The rich are leaving Connecticut"
"But population went up!"
I think it's funny that CT is so dependent on the super-rich they're soaking that they had to dispatch officials to beg ONE guy to stay in the state: "Two years ago, tax officials were alarmed that a super-rich hedge fund owner might leave and reduce the state's income tax revenue. They met with the unidentified taxpayer. The effort was partly successful, with the taxpayer's leaving Connecticut but agreeing to keep the hedge fund here."
http://www.courant.com/business/hc-ap-connecticut-rich-residents-dont-leave-20150209-story.html
"Population flight has depressed economic growth"
"But population went... up?"
"I think it's funny that CT is so dependent on the super-rich they're soaking that they had to dispatch officials to beg ONE guy to stay in the state"
Linked article: "There are probably a handful of people, five to seven people, who if they just picked up and went, you would see that in the revenue stream"
By all means, let's turn over control of Nebraska tax law to Warren Buffett.
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