Connecticut income-tax collections declined last year for the first time since the recession due to lower earnings of wealthy residents. Many of Connecticut’s millionaires have fled for lower-tax states.
In the past five years 27,400 Connecticut residents have moved to no-income-tax Florida.
According to the Wall Street Journal, one of Connecticut’s largest companies, Aetna Insurance, is preparing to leave the state. Aetna CEO Mark Bertolini says that Connecticut Governor Malloy “has spent two terms treating business as a bottomless well of cash to redistribute to public unions.” See here.