WSJ: Wealthy Connecticut May Be Tapped Out on Taxing Rich Folks

Connecticut, the wealthiest U.S. state with a per capita income of $39,373 a year, can’t rely on taxing rich people to close its budget deficit, The Wall Street Journal reports.

“Gov. Dannel Malloy has twice before bet that taxing the wealthy would help solve the state’s fiscal problems,” the newspaper reports. “But neither increase resulted in sustained revenue growth, according to his administration, which says it would be a mistake to do it a third time.”

The New England state faces a budget deficit of $400 million and deteriorating fiscal problems that have led bond-rating firms to lower the state’s credit rating. Connecticut also leans heavily on high-paid hedge fund workers.

“About $200 million of the drop in receipts came from the state’s closely watched top 100 earners, who are the source of an outsize proportion of the state’s revenue,” the WSJ reports. “Many of the state’s richest residents work

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