Connecticut’s High Tax Rates Continue To Drive People Away And Hurt Economic Growth

See Connecticut’s Tax Roulette: Democrats in Hartford try to drive more hedge funds out of state. WSJ editorial. 

"One reason to oppose a capital-gains increase is the warning sign from the Greenwich real-estate market, a source of property-tax revenue, which has been struggling amid an exodus of high earners. Since Democrats raised income taxes on the wealthy and extended a surcharge on corporations in 2015, Fairfield County’s population has shrunk by 1,500. In 2015 and 2016, Connecticut lost $3.9 billion in net income, mostly to Florida.

Population flight is taking a toll on the state’s economy and budget. Last week the federal Bureau of Economic Analysis reported that Connecticut’s GDP grew a paltry 1% in 2018, 44th in the country and the slowest in the Northeast after Rhode Island. The U.S. economy grew about 3%.

Slow economic growth has depressed tax revenue and contributed to a $3.7 billion budget deficit that Democrats are now scrounging to fill with new taxes that will drive more taxpaying citizens out of Connecticut."