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.As high as taxes are in California, you might not believe that we, too, depend too heavily on income taxes on the rich, but we do. Is Connecticut a cautionary tale for California? No, we're special.
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.
Tuesday, May 02, 2017
Quick! Someone Tell Jerry Brown!
Income tax revenue collapses; Malloy says taxing the rich doesn’t work