They are in Connecticut, anyway, or at least out of trust in the State’s government regarding their money. Or the State is out of rich. Aetna, Inc, one of the giants of health and dental coverage that’s headquartered in Connecticut is looking hard at joining the exodus from the State, having grown tired of being the State’s tax piggy bank.
Governor Dannel Malloy (D) says he’ll match other states’ financial incentives—not exceed—if only Aetna will stay, but as The Wall Street Journal put it, “taxpayer money can’t buy fiscal certainty and a less destructive business climate.”
The result of the Left’s assaults on the wealthy’s pocketbooks? The Left has shattered its own rice bowl. The State’s 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.
The remaining rich are bugging out, headed for States that appreciate the jobs—and resulting expanded incomes and revenues for those States—that these guys and their companies bring with them.
[emphasis added] In the past five years 27,400 Connecticut residents…have moved to no-income-tax Florida, and seven of the state’s eight counties have lost population since 2010. Population flight has depressed economic growth—Connecticut’s real GDP has shrunk by 0.1% since 2010—as well as home values and sales-tax revenues.