Friday, May 19, 2017

Connecticut, Nation’s Wealthiest State, May be Tapped Out on Taxing the Rich - WSJ

Connecticut, Nation’s Wealthiest State, May be Tapped Out on Taxing the Rich - WSJ: 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 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.

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