Wealth is Fleeing Connecticut

[Dont Taz Me Bro]

Once again leftists are staring the consequences of their high tax, redistributionist policies dead in the face, but will they learn anything from it? Probably not.

Gov. Malloy has spent two terms treating business as a bottomless well of cash to redistribute to public unions. Now that his state is losing millionaires and businesses, he has seen the light. But the price of his dereliction will be steep.

Last month the state Office of Fiscal Analysis reduced its two-year revenue forecast by $1.46 billion. Since January the agency has downgraded income-tax revenue for 2017 and 2018 by $1.1 billion (6%). Sales- and corporate-tax revenue are projected to fall by $385 million (9%) and $67 million (7%), respectively, this year. Pension contributions, which have doubled since 2010, will increase by a third over the next two years. The result: a $5.1 billion deficit and three recent credit downgrades.

Connecticut’s Tax Comeuppance

Every state operating under far left economic policies is experiencing the same fate: California, Illinois, Hawaii. Yet, the Democrats and some leftist Republicans play the part of Nero looking down on their destruction while playing the fiddle in complete denial.