[JayCT]

Originally Posted by BobNJ1960

This corp is more like Fidelity (which has hundreds of offerings for just 401ks, with dozens to hundreds of stocks in each one) than a single stock, Jay, with a massive fleet, massive quantity of locations, market share the largest by a mile, equal to the next 2 largest combined. The ADP style market share of corp professional class relocations. That means, to be frank, its end clients exceed the US median income and education, and again, 1.2 million households moved in a decade. In 2019, Connecticut had 1.37 million households.


This is a huge enterprise.

I trust market leaders, especially when they dwarf their competition in size, as is the case with this corporation.

It is NOTHING like Fidelity. Fidelity analyzes thousands of stocks daily using multiple sources. If United did that it would be a different story but that’s NOT what they do. Jay

[CTartist]

[quote=Mr_250;61426633]

Originally Posted by CTartist

I have a question (it’s a serious question). Doesn’t the per capita income get skewed in certain ways to make it look more positive or negative? For example on investopdia.com , they they state “let's say a town has a total population of 50 people who are earning $500,000 per year, and 1,000 people earning $25,000 per year. We calculate the per capita income as ($500,000 * 50) + (1,000 * $25,000) to arrive at $50,000,000 in total income. When we divide $50,000,000 / 1,050 (total population), the per capita income is $47,619 for the town.”

So if FFC has a good amount of people making $1m a year and the same Qty of people in NE CT making $35,000, won’t that really impact the income per capita income and skew it higher. By in reality the FFC people are doing well and the NE CT people might be struggling. But the overall number is high but only a very small portion of the population is reaping the rewards.

I’m just curious. I think CT is doing really good and it seems to be on the right path.

Go look at all the different information I am putting up. Every measure can be skewed by the wealthy.

Some is Per Capita and some is average but Ct is always in the top 5 so it's all good. This is a good site I found because it shows income in a few ways.


In 2020 here is the AVERAGE household income by state. CT is still up there.
https://dqydj.com/average-income-by-...op-percentiles
#1 MA $127,460.73
#2 MD $125,053.40
#3 CT $117,303.22


Here is why I am not crazy about using Household Income as a measure. You can have a bunch of people who aren't making a lot of money in one house and that will make the higher income.

PER CAPITA shows a better measure of what the individual people are making.

Let me give you a great example using Greenwich CT and my town of Trumbull CT. Everyone in CT knows Greenwich is a wealthy town and Trumbull is not a wealthy town. There are many people out of CT that know Greenwich is a wealthy town also.

By the household income you would think "well Trumbull must be pretty wealthy too". But no.....the per capita income tells the story of the difference.

Household Income 2019--Info from City-Data
Greenwich $147,383
Trumbull $124,254

Trumbull looks pretty good, right? Hold on.......

Per Capita 2019--Info from City-Data
Greenwich $114,020
Trumbull $53,222

You see PER CAPITA income separates the WEATHLY WHEAT (Greenwich) from the MIDDLE CLASS CHAFF (Trumbull).

Now do you all get it?

And that my friends of City-Data is why I am part of the struggling middle class of Fairfield County CT in a nutshell. PER CAPITA INCOME tells the story.

Florida and the other southern states could have a high household income but they could also have a bunch of houses with 5 orange pickers, crop pickers etc. in a house. CT does not have that kind of economy. Per Capita Income lets you figure that out.

[beach43ofus]

I think CTArtist is saying there is a large income gap in CT. The 14 Billionaires in CT likely scew the overall numbers.

Does CT have a widening income gap?

If so, what causes this disparity?

Are other states exhibiting this same trait? IMHO CA is. Is there a common thread between Cali & CT?

How do possible wide income gaps impact the economic climate for ALL of those who reside in CT?

What needs to be done to create more economic equality?

Are my questions on the right track? What do you think?

Is it healthy for 14 Billionaires to have so much, while the rest have so little?

What is the cause of this, & what is the long term impact upon CT's economic climate?

I'm very interested in hearing your thoughts on how this impacts the economic climate in CT.

[JayCT]

Originally Posted by beach43ofus

I think CTArtist is saying there is a large income gap in CT. The 14 Billionaires in CT likely scew the overall numbers.

Does CT have a widening income gap?

If so, what causes this disparity?

Are other states exhibiting this same trait? IMHO CA is. Is there a common thread between Cali & CT?

How do possible wide income gaps impact the economic climate for ALL of those who reside in CT?

What needs to be done to create more economic equality?

Are my questions on the right track? What do you think?

Is it healthy for 14 Billionaires to have so much, while the rest have so little?

What is the cause of this, & what is the long term impact upon CT's economic climate?

I'm very interested in hearing your thoughts on how this impacts the economic climate in CT.

You ask some interesting and insightful questions. I do not find the income gap in Connecticut to be a problem exclusive to our state. It seems simple logic to me. Of course there is a large gap between rich and poor here. That comes with having people with great wealth. Would you rather have the wealthy live somewhere else?

According to the Institute for Policy Studies, America’s billionaires got 44% wealthier during the pandemic. Unfortunately a discussion of this is off topic to this forum. You might consider posting this question on the Business or Economics forums. JayCT, Moderator

https://www.businessinsider.com/bill...andemic-2021-3

[BobNJ1960]

Originally Posted by beach43ofus

I think CTArtist is saying there is a large income gap in CT. The 14 Billionaires in CT likely scew the overall numbers.

Does CT have a widening income gap?

If so, what causes this disparity?

Are other states exhibiting this same trait? IMHO CA is. Is there a common thread between Cali & CT?

How do possible wide income gaps impact the economic climate for ALL of those who reside in CT?

What needs to be done to create more economic equality?

Are my questions on the right track? What do you think?

Is it healthy for 14 Billionaires to have so much, while the rest have so little?

What is the cause of this, & what is the long term impact upon CT's economic climate?

I'm very interested in hearing your thoughts on how this impacts the economic climate in CT.

I'd like to see a tax revenue pie chart by group, (1) Billionaires (2) 500m-999m, (3) 100m-499m, (4)10m-99m, (5) rest, by state to see our vulnerability level. Include their corps unless publicly traded.

We have yet to see any state to my knowledge with wide disparity ever never it.

[BobNJ1960]

Originally Posted by beach43ofus

I think CTArtist is saying there is a large income gap in CT. The 14 Billionaires in CT likely scew the overall numbers.

Does CT have a widening income gap?

If so, what causes this disparity?

Are other states exhibiting this same trait? IMHO CA is. Is there a common thread between Cali & CT?

How do possible wide income gaps impact the economic climate for ALL of those who reside in CT?

What needs to be done to create more economic equality?

Are my questions on the right track? What do you think?

Is it healthy for 14 Billionaires to have so much, while the rest have so little?

What is the cause of this, & what is the long term impact upon CT's economic climate?

I'm very interested in hearing your thoughts on how this impacts the economic climate in CT.

https://yankeeinstitute.org/wp-conte...-Tax-At-30.pdf

6% of Ct residents pay half the taxes.

Great to see the Yankee Institute share their findings w/o a paywall.

Tax revenue up 136 percent in 30 years, after adjusting for inflation.

Nice report.

[Stepfordct]

Last week spoke with a 40 yr old with young kids. We work together, he just sold a company for mid 7 figures. We talked about growing our biz in Florida. He gets all excited, and asks me where in Florida he should move too. Tells me just for 6 months and a day! He got his tax bill and wants to save money....he will be selling more startups and is thinking long term.

Talking with other friends another old acquaintance comes up. He moved to Nashville from NY....taxes again.

Biden wants to raise capital gains to 39.6% from 20 or 23.8% depending on your circumstances.

Now add in the states 6.99% for high earners and your basically at 47%!!

Trust me if the Fed capital gains rate goes to 39.6% the state rate will be looked at much more. People will leave.
Plus it will gradually increase as well.

[SteveM85]

Originally Posted by beach43ofus

CT is like that guy that makes $500,000/year, but is in debt upto his eyeballs. He drives a new Mercedes, has a nice big home on the golf course, he even has a boat, and a 2nd home, but he's carrying $5M in debt, & has almost nothing set aside for retirement. This guy is 3 paychecks away from disaster, & so it CT.

Nearly all of what CT has, it must thank NYC, & Wall Street for. 8 of its 14 Billionaires are Hedge Funders, & 2 others are tied to financial markets. The wealth & income gaps are massive in CT, and its higher education ranks nearly last in the USA. Oh, & the $92B in debt has well-to-do 50+ year old CT residents fleeing to avoid the high taxes, that can only go higher (see link below).

This guy doesn't exist. 500K base is a C level exec or Sr VP with bonuses higher than the base. Toys are paid with cash and any debt carried is just strategic. It could be paid off at a moments notice if they choose to do so. He may exist below 200 maybe
Even remote villagers in the Himalayas know that CT's highest earners are Wall Street,NYC, hedge funders. It's the talk of the village. You haven't uncovered anything new there.
There are so many Mercedes drivers moving in to CT lately, they lost track of the count.

[JayCT]

Great article about the strength of Connecticut’s economy but I’m annoyed that it failed to point out that Connecticut is No. 1 in personal income and in the Top 5 for Real Gross Domestic Product Per Capita. I feel that not mentioning this calls into question the writers objectivity. Jay

https://westfaironline.com/138101/fl...-whom-you-ask/

[Henry10]

Originally Posted by JayCT

You ask some interesting and insightful questions. I do not find the income gap in Connecticut to be a problem exclusive to our state. It seems simple logic to me. Of course there is a large gap between rich and poor here. That comes with having people with great wealth. Would you rather have the wealthy live somewhere else?

According to the Institute for Policy Studies, America’s billionaires got 44% wealthier during the pandemic. Unfortunately a discussion of this is off topic to this forum. You might consider posting this question on the Business or Economics forums. JayCT, Moderator

https://www.businessinsider.com/bill...andemic-2021-3

Socialism and capitalism were novel concepts 150 years ago. But now both have a track record. And it's pretty ugly for the CT mode of economy.

Socialism, aka a heavy-handed Govt-controlled economy concentrates wealth into the few. Economic results indicate the exact opposite of the BS left-wing politicians and their supporters yell from the top of their lungs. It's all bs.

Capitalism, economic decentralization, democratization of economic decision-making - produces the exact opposite Left-wing parrots will scream about.

Am I the only one to notice that as Govt-burden has gotten heavier in the last 50 years so has concentration of wealth? Do you really think this is a coincidence?

That's what one should expect in CT -- as Govt hand in economy gets heavier so will concentration of wealth. If one knew the basic premise of why Govt exists -- this would be no surprise.