[MiaMia411]

Originally Posted by mlassoff

Because despite Texas' low tax structure, there were hidden taxes and expenses. Not going to argue that I paid less tax in Texas-- I did.

On the personal side, here I do not pay $276/ mo HOA fees. I don't run my A/C for 8 months a year-- a huge expense. I'm in the 6% state tax bracket here in CT personally, which eats up those savings quickly.

On the business side, the multimedia tax credit, step-up programs, and innovation grants from the state have saved me over 100K over three years... Which is why I say it's a wash.

Not to mention the people I hire here in here can write in complete sentences.

Thank you , I was just curious from a business perspective on why you picked CT , seems to make sense. I am a small business owner myself ( food industry ) , that's why I was curious on your input and agreed about the sentence comment lol.

[JayCT]

Originally Posted by mlassoff

Because despite Texas' low tax structure, there were hidden taxes and expenses. Not going to argue that I paid less tax in Texas-- I did.

On the personal side, here I do not pay $276/ mo HOA fees. I don't run my A/C for 8 months a year-- a huge expense. I'm in the 6% state tax bracket here in CT personally, which eats up those savings quickly.

On the business side, the multimedia tax credit, step-up programs, and innovation grants from the state have saved me over 100K over three years... Which is why I say it's a wash.

Not to mention the people I hire here in here can write in complete sentences.

Are you saying the education system in Texas is subpar??? Hey but you can save each business a few bucks so why spend anymore than you have to on things like education, street maintenance or police. Jay

[BPt111]

Malloy is ignoring the problem and more cities and towns going to lose state aid.

State Budget Deficit Grows To $133 Million In Current Year - Hartford Courant

[Mr_250]

This article has a little bit for everyone. Tax hike ideas abound at the Capitol | The CT Mirror

Restore a tax on capital gains and interest (this would hit the wealthy), more tobacco tax and expanding sales tax on businesses. Apparently these couple items have strong backing from DEMS.

Also, according to the governors plan, if passes, 34,000 residents will lose state-funded healthcare coverage. 10,000 of those people would not be able to afford the premiums.

Seems like budget hits everyone, equally.

EDIT: The deficit IS (mark my words) going to hammered next month. We will see a $40M to $90M rise in the deficit. Malloy expects a 25% Income tax Collection in April (mostly from wealthy FFC types). Each %point equals $13M swing. As his committee has pointed out this type of growth hasn't been seen in over a decade. With the market they way it is, I doubt that number (25%) will even come close. The more and more this year progresses tax increases looks more probable.

[Mr_250]

This kind of goes with the post above (tax rates). Connecticut rates the WORST state to be a high income earner in. So I thought well "ok, I could see that, no biggie." It also ranks 34 for the worst to be a low income earner and (to me, the most telling) 46 WORST for middle income earners. The chart at the bottom of the page tallies up sales, property and income tax. CT looks horrible.

The fact that they want to raise taxes is beyond me. The middle class is struggling here. The more and more I read about this State the more and more I want to get out before it gets worse.

2015’s Best States to Be Rich or Poor from a Tax Perspective | WalletHub®

[mlassoff]

Originally Posted by Mr_250

This kind of goes with the post above (tax rates). Connecticut rates the WORST state to be a high income earner in. So I thought well "ok, I could see that, no biggie." It also ranks 34 for the worst to be a low income earner and (to me, the most telling) 46 WORST for middle income earners. The chart at the bottom of the page tallies up sales, property and income tax. CT looks horrible.

The fact that they want to raise taxes is beyond me. The middle class is struggling here. The more and more I read about this State the more and more I want to get out before it gets worse.

2015’s Best States to Be Rich or Poor from a Tax Perspective | WalletHub®

I wonder what the percentage of high income earners is here as compared to some other states that are "better" for high income earners...

[Mr_250]

Originally Posted by mlassoff

I wonder what the percentage of high income earners is here as compared to some other states that are "better" for high income earners...

That would be interesting to see.

I also want to know what qualifies as a high earner. A high earner in CT means (IDK, making this up) a personal income of say $250,000k per year while a high earner in Georgia might be $100,000k year. Location factors play a large part. A blanket statement of high earner does not work. I just thought the breakdown below was interesting to see.

[HeadedWest]

Originally Posted by Mr_250

I also want to know what qualifies as a high earner.

From the article:

WalletHub generated estimates of the state-specific tax burden on residents at three income levels — low ($25,000), medium ($50,000) and high ($150,000) — in each of the 50 U.S. states and the District of Columbia. We did so using data from the Institute on Taxation & Economic Policy's 2015 report, which published estimates of tax burden at seven points in the state-specific income distribution.

[Mr_250]

Originally Posted by HeadedWest

From the article:

Ops. Lol I should have read paid more attention. Thank you.

[mlassoff]

I'd bet the % of people earning 150K + here is a lot higher than most of the "better" places for high income earners. Albeit your money does go further there...