America’s Wealthiest State Can’t Squeeze Any More Taxes From Rich People
May 19, 2017| by Robert Gehl
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, 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 state’s credit rating.
Connecticut’s budget office estimates that income-tax collections will fall in fiscal 2017 for the first time since the recession.
https://downtrend.com/robertgehl/americas-wealthiest-state-cant-squeeze-any-more-taxes-from-rich-people
