Connecticut has a money problem.
If you’ve lived in the state for more than 5 minutes, you know this. Our taxes our high. Our government spending is higher. It’s kind of a problem.
But now, that problem is literally forcing people out of the state. And not just regular people (though many of them are feeling taxed out, too) – we’re talking about super rich people.
According to a report from CBS New York, Connecticut may have a billionaire problem if it doesn’t find a way to balance its books. The report said that, in addition to General Electric’s high-profile departure from Connecticut to establish its new headquarters in Boston, people with tons of money are evacuating, too. In fact, two billionaires have left recently as the new state budget threatens to raise taxes on the uber-rich.
Now, normally I couldn’t care one way or the other what a billionaire does. They have the kind of money that would probably allow them to cover the tax bill for every individual in the state, so I don’t really shed a tear over them losing a couple extra million to taxes each year.
But here’s the rub: If they leave, Connecticut still has to cover the checks it’s writing. And guess who gets to pay that bill? The rest of us.
So with Connecticut down to just 13 billionaires, according to the CBS New York article, it might be time to start thinking about how to make these people happy. And while making concessions for folks as wealthy as these people are leaves a bad taste in my mouth, I’m comfortable with taking one key step: Learn how to balance a budget.
Connecticut’s government has one job at this point, as far as I’m concerned. Over the last 10 years, find the lowest amount of taxes you hauled in. That’s your benchmark. Now, build a budget that comes in at or below that amount.
What you’ve now created is a state budget that doesn’t spend us into crippling debt. And that, my friends, is a basic adult skill every person should have, nevermind a government representing a whole state of people. Get it together, Connecticut, or soon the rest of us will “pull a GE.”