By Tyler Durden
Lawmakers like Connecticut’s Democratic Gov. Dannel Malloy should pay attention to the latest batch of IRS data, which show tax payers – particularly wealthy ones – are leaving Connecticut for states like Florida, where there is no income tax, and New York City, where taxes are high but at least you can order Chinese food at 4 am.
Indeed, as the Hartford Courant points out in an editorial, the latest data reveal that Connecticut is in the middle of a taxpayer exodus.
Those who moved out of Connecticut from 2015 to 2016 took with them more than $6 billion in adjusted gross income, or AGI.
People who moved to Connecticut brought with them only about $3.36 billion in AGI. The total net loss to Connecticut: $2.7 billion. In one year. That was in the top five of all states, regardless of population.
And that was before this year’s budget battle, which nearly precipitated dramatic cuts to municipal services. The taxes and cutbacks that lawmakers agreed to in order to pass a compromise budget bill will likely anger more monied nutmeggers.
Connecticut collected $6.85 billion in income tax from the 2015 tax year, or 4.3% of the $161 billion in AGI reported …read more