The Conservative Cave
Current Events => General Discussion => Topic started by: SVPete on May 02, 2017, 03:23:02 PM
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Income tax revenue collapses; Malloy says taxing the rich doesn’t work (http://wtnh.com/2017/04/28/income-tax-revenue-collapses-malloy-says-taxing-the-rich-doesnt-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 $2.2 billion.
It’s happening because the state of Connecticut depends too much on its wealthy residents, and wealthy residents are leaving, and the ones that are staying are making less, or are not taking their profits from the stock market until they see what happens in Washington.
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Governor Malloy added, “The reality is that in Connecticut we get most of our money from very few people and that can produce some very wild swings.”
"The rich" aren't sitting still and letting the state @#$%^ 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.
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It is VERY easy to "live" somewhere and have your tax location be another.
But it is easier still to just move.
I shudder to think what this last year would have been like had I stayed in California. I started my own company last year and God only knows how much California would have soaked me. Here intexas, the state was barely involved.
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Liberals in the US learned nothing when France tried to eat the rich and the rich decided to leave. :rofl:
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When I saw 'Malloy' in the title, I instantly thought "Mandatory Malloy Truthseeker Post!!!"
:rotf: