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  1. #1 Americaís Wealthiest State Canít Squeeze Any More Taxes From Rich People 
    Senior Member Banacek's Avatar
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    The wealthiest state in the U.S. is having trouble collecting enough money to pay its bills, and the Democratic governor doesnít think taxing the rich is the answer anymore, MarketWatch reports.

    After two decades of robust growth, Connecticut forecasts it will come in $400 million short in income-tax collections this fiscal year, worsening a budget crisis that has prompted all three major ratings firms recently to downgrade the stateís credit rating.

    Connecticutís budget office estimates that income-tax collections will fall in fiscal 2017 for the first time since the recession.

    About $200 million of the drop in receipts came from the stateís closely watched top 100 earners, who are the source of an outsize proportion of the stateís revenue. Many of the stateís richest residents work for hedge funds, which have been hurt by a downturn in the industry.

    Gov. Dannel Malloy has twice before bet that taxing the wealthy would help solve the stateís fiscal problems. But neither increase resulted in sustained revenue growth, according to his administration, which says it would be a mistake to do it a third time
    I guess our Nobel Prize Winning Economist (not) is catching on to Economics 101.

    https://downtrend.com/robertgehl/ame...om-rich-people
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  2. #2  
    eeeevil Sith Admin SarasotaRepub's Avatar
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    When I worked for UPS they moved the Corporate
    Offices from Conn. to GA.

    Reason? Taxes. As in too high. People would not
    accept promotions to Corp as they could not afford it.
    Real Estate also way to expensive.

    Answer? Leave and move Corp. HQ to Atlanta.
    May the FORCE be with you!
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  3. #3  
    Senior Member Dlr Pyro's Avatar
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    Gov. Dannel Malloy has twice before bet that taxing the wealthy would help solve the stateís fiscal problems
    pssst... have you considered cutting spending as a way to solve your state's fiscal problems?

    just a thought..
    The price of freedom is something the protected will never know.

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  4. #4  
    Senior Member SVPete's Avatar
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    "The Rich" don't stick around to be @#$%^ed by @#$%^-the-rich politicians? What a shock!
    I support UNexit: Get the US out of the UN; Get the UN out of the US!

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  5. #5  
    Senior Member Dan D. Doty's Avatar
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    This is just part of the way these jerkazoids think ( which is never very deep to begin with ).

    Just as they come to believe people will work themselves to death in a socialist society for the good and glory of the state.
    So they come to believe that anyone who managed to create wealth will just smile and nod their heads as the States taxes them more and more.

    If one comes to believe that they are being unfairly taxed , or punished by the State for being successful , then they will do what they feel they must ; either shelter as much of the money as they can, or remove themselves and their wealth from that location.

    But being the shallow , delusional fools that they are , they think by raising the taxes on those wealthy who remain will make up that short fall. And when that fails ( as they shelter and move) , they'll assume that the only other place to get more money is to increase taxes on the not so wealthy.

    The major flaw in all of their measuring a State's greatness , not by the fortunes of the people living within its borders , but rather by how high the taxes are.

    Fore no community , state or nation has ever in the history of the world taxed itself and its people into prosperity.
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  6. #6  
    Ancient Fire Breather Retread's Avatar
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    Illinois wanted to tax Standard of Indiana for all of it's income from around the world. Uncle John (Swearingen) went to the capital and two days later the subject was dropped. Rumor had it that Denver or Houston or Nawlins might just become the corporate HQ if the tax plan went through.
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