The number of millionaires in Connecticut is growing!
This is great for the state and, of course, the millionaires, but affects more than just their wallets. This could affect kids. And more importantly, those kids’ education.
According to the CEA, or Connecticut Education Association, the number of millionaires in Connecticut will affect the state’s children and funding to local schools.
Orlando Rodriguez, a specialist for the CEA, said that newspapers are focusing on the number of rich residents moving, but are not accounting for the amount moving in. And in turn, how this can and will affect the state’s schools.
There has been much debate about whether the state’s wealthiest and more suburban residents should have tax dollars fund education for the state’s poorer, more urban children. This idea has been thrown around in an attempt to lower the achievement gap between the children in the different schools.
Many have claimed that this idea has forced Connecticut’s richer inhabitants, as well as businesses, to move out of the state.
However, Rodriguez believes this isn’t the case. He says millionaires are migrating to or remaining in more affluent areas of Connecticut, increasing school enrollment. Unfortunately for the poorer areas, when a school’s enrollment increases, so will state funding. Ipso facto, the richer schools are actually receiving more help from the state.
Despite the debates over school funding and taxes, the number of millionaires continues to rise in the state. According to the New Haven Register, in 2016 7.4 percent of households in Connecticut were millionaire households. This was the second highest concentration of millionaires in the country.
School funding may always be a debate, and the number of millionaires may always affect schools. There is no predicting the future, or how this will play out. However, one thing is for sure: millionaires are here to stay, and so are their very large piggy banks.