Uh Oh! Connecticut Admits Taxing the Rich Doesn't Work...
Connecticut is on par with California when it comes to hating successful people, what with all their rich privilege. A gander at their obsessive taxation of the wealthy indicates as much. But now Connecticut is beginning to backpedal on their tax strategy. Apparently taking monies from rich, capitalist meanies isn't as lucrative as one might think. In fact, it's failed to help the state long term. But don't take it from us, just peep what the Governor has to say about it...
The wealthiest state in the U.S. is having trouble collecting enough money to pay its bills, and the Democratic governor doesn't think taxing the rich is the answer anymore.
After decades of robust growth, Connecticut forecasts it will come in $400 million short in income-tax collections this fiscal year, worsening [the] budget crisis.
About $200 million of the drop in receipts came from the state's closely watched top 100 earners... Gov. Dannel Malloy has twice before bet that taxing the wealthy would help solve the state's fiscal problems. But neither increase resulted in sustained revenue growth, according to his administration, who says it would be a mistake to do it a third time.
Connecticut has long been taxing richness. So they know a thing or two when it comes to taxation. Turns out they learned the hard way that punishing success isn't a great long term strategy. You know, because then successful people leave. See also Atlas Shrugged by Ayn Rand.
Connecticut is the wealthiest state in the U.S., and they're still running out of the sweet presidential (except Benjamin) greenery. Of course, news of this policy failure comes as zero surprise to regular LwC readers (read Top 5 Tax Cheats Who Want HIGHER Taxes... On You).
Let this be a lesson to fellow liberal states. Taxation of the wealthy doesn't magically solve financial problems. Here, let me simplify it so even ancient cretins like Bernie Sanders can understand. For inclusion purposes of course. Taxing the rich no workie.
At least Connecticut can admit its failures the second time around. Let's hope other leftist states begin to follow suit. They won't, but we can give them the opportunity.