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50+ 'ers are leaving CT moreson thn <50 year olds, but its not all oldsters leaving.
The Hedge Fund Billionaires have been leaving the Northeast and changing their residence to Florida.
I know most of them came from New York, but I'm not sure if any moved down here from CT. I read where CT has 14 Billioanires, and like 10 of them were Hedge Funders, or worked in a related financial niche. They can easily move.
Those 14 pay a huge amount of CT's taxes when you add their personal taxes, to the corp taxes, to their employees taxes. If they left, CT would certainly feel it.
You could easily change the words New York in this titles to CT, and the same would apply...leaving due to taxes, & having adverse impact upon their former states economic climate.
There are 614 billionaires in the US today. Connecticut has under 1% of the US population so we should only have six living here. The fact that we have 14 proves that Connecticut is still a desirable place for the wealthy to live.
Our state is well aware of the importance of the wealthy living here. That is why Governor Lamont has said he won’t increase taxes on them. We even have a special division of our state revenue division to handle the Top 1% of our taxpayers. It’s not taken lightly. Jay
Fwiw, the late Fred Deluca....after CT adopted a state income tax.
He moved immediately to Ft. Lauderdale. Keep in mind, many of his status, travel a lot already out of state. Might have kids in boarding schools etc.....
They already own properties elsewhere.
He still kept his home in Orange, but legally was a resident of Florida. His travel was audited by the state.
It's way too easy for them to say no mas!
There are 614 billionaires in the US today. Connecticut has under 1% of the US population so we should only have six living here. The fact that we have 14 proves that Connecticut is still a desirable place for the wealthy to live.
Our state is well aware of the importance of the wealthy living here. That is why Governor Lamont has said he won’t increase taxes on them. We even have a special division of our state revenue division to handle the Top 1% of our taxpayers. It’s not taken lightly. Jay
This 2016 linked article is about 2 CT Billionaires who left CT for FLA...due to taxes. The highest state income tax rates they paid were 6.99% 5 years ago. Today, they are still 6.99%...
So, even after losing 2 Billionaires in 2016, the state failed to lower their income tax to prevent more from leaving. CT also has a death, or estate, tax, which adversely impacts Billionaires, whereas most other states do not. Many states have removed their death taxes, but not CT.
Lamont is trying to hold the line on any furter tax-the-rich plans, but the Teachers Unions are gaining ground on him:
CT gov't pension funds being underfunded by $92B is the root cause of CT's problem. CT must cut pension payouts to avoid raising taxes. It comes down to Teachers Unions vs. 14 Billionaires. Everyone else is caught in the middle.
Most of these Hedge Fund Billionaires can leave the state, take their wealth, companies, & employees with them, if taxes rise again. If they do, that will mean significant tax increases on all the rest of CT residents. That would be devastating to the economic climate of CT.
I think the Teachers Unions will win, & Lamont, the Billionaires, & the rest of CT residents will lose. The fallout will be catastrophic to CT's economic climate that is already suffering a big outbound tax drain. For every $1 of new taxable income coming into CT, $1.80 leaves, & the trend is bad.
So, cut the pension payouts, or watch as more Billionaires leave? It all comes down to this. What do you all say about this decision? CT Teachers are paid $80,000/year for a part-time job, do they really need to bankrupt the state too with huge unaffordable pensions? CT cannot sustain these pay levels AND pensions both. The $92B in underfunded debt proves me right. Its time for CT to decide.
This 2016 linked article is about 2 CT Billionaires who left CT for FLA...due to taxes. The highest state income tax rates they paid were 6.99% 5 years ago. Today, they are still 6.99%...
So, even after losing 2 Billionaires in 2016, the state failed to lower their income tax to prevent more from leaving. CT also has a death, or estate, tax, which adversely impacts Billionaires, whereas most other states do not. Many states have removed their death taxes, but not CT.
Lamont is trying to hold the line on any furter tax-the-rich plans, but the Teachers Unions are gaining ground on him:
CT gov't pension funds being underfunded by $92B is the root cause of CT's problem. CT must cut pension payouts to avoid raising taxes. It comes down to Teachers Unions vs. 14 Billionaires. Everyone else is caught in the middle.
Most of these Hedge Fund Billionaires can leave the state, take their wealth, companies, & employees with them, if taxes rise again. If they do, that will mean significant tax increases on all the rest of CT residents. That would be devastating to the economic climate of CT.
I think the Teachers Unions will win, & Lamont, the Billionaires, & the rest of CT residents will lose. The fallout will be catastrophic to CT's economic climate that is already suffering a big outbound tax drain. For every $1 of new taxable income coming into CT, $1.80 leaves, & the trend is bad.
So, cut the pension payouts, or watch as more Billionaires leave? It all comes down to this. What do you all say about this decision? CT Teachers are paid $80,000/year for a part-time job, do they really need to bankrupt the state too with huge unaffordable pensions? CT cannot sustain these pay levels AND pensions both. The $92B in underfunded debt proves me right. Its time for CT to decide.
I can't rep you enough here. Damn riight. 80K and summers off?? I want to know WHO in the HELL do these teachers think they are?? F'em!! They can all go to hell! All they have to do is put up with overbearing parents and admistrators 24/7 and some even have the pleasure of working with wonderful and respectful students in our inner city schools like Bridgeport. They're livin' easy on roller skates all day.
These poor billionaires have it tough here in CT. They're struggling and we need to do all we can to help them. Whatever it takes, we need to help in any way we can to get them down to Palm Beach. Write to your local legislator, they need our help. They don't even use public state teachers, they use elite private boarding schools, so why should they have to bear the brunt of some lowlife teacher's pension. Lets all pitch in.
This 2016 linked article is about 2 CT Billionaires who left CT for FLA...due to taxes. The highest state income tax rates they paid were 6.99% 5 years ago. Today, they are still 6.99%...
So, even after losing 2 Billionaires in 2016, the state failed to lower their income tax to prevent more from leaving. CT also has a death, or estate, tax, which adversely impacts Billionaires, whereas most other states do not. Many states have removed their death taxes, but not CT.
Lamont is trying to hold the line on any furter tax-the-rich plans, but the Teachers Unions are gaining ground on him:
CT gov't pension funds being underfunded by $92B is the root cause of CT's problem. CT must cut pension payouts to avoid raising taxes. It comes down to Teachers Unions vs. 14 Billionaires. Everyone else is caught in the middle.
Most of these Hedge Fund Billionaires can leave the state, take their wealth, companies, & employees with them, if taxes rise again. If they do, that will mean significant tax increases on all the rest of CT residents. That would be devastating to the economic climate of CT.
I think the Teachers Unions will win, & Lamont, the Billionaires, & the rest of CT residents will lose. The fallout will be catastrophic to CT's economic climate that is already suffering a big outbound tax drain. For every $1 of new taxable income coming into CT, $1.80 leaves, & the trend is bad.
So, cut the pension payouts, or watch as more Billionaires leave? It all comes down to this. What do you all say about this decision? CT Teachers are paid $80,000/year for a part-time job, do they really need to bankrupt the state too with huge unaffordable pensions? CT cannot sustain these pay levels AND pensions both. The $92B in underfunded debt proves me right. Its time for CT to decide.
These poor billionaires have it tough here in CT. They're struggling and we need to do all we can to help them. Whatever it takes, we need to help in any way we can to get them down to Palm Beach. Write to your local legislator, they need our help. They don't even use public state teachers, they use elite private boarding schools, so why should they have to bear the brunt of some lowlife teacher's pension. Lets all pitch in.
If the 14 Billionaires leave, & take their companies, & the jobs they create with them, your; property, state income, & sales tax, will all rise by at least 20%. How does that sit with you?
Your state's pension fund is $92B underwater, & its dragging the entire economic climate down with it. Why should the entire state collapse due to teachers being grossly overcompensated?
CT's polititicans have raped the private sector with high taxes, and given $92B to gov't workers in the way of promises they can't keep. The politicians chose NOT to properly fund the pensions, & then blew the money they were supposed to fund the pensions with. It's a massive Ponzi scheme that is now imploding, and the Billionaires see it coming, so they will flee, along with thousands of millonaires.
CT's politicians have been grossly incompetent, & this poor Governor is trying to turn it around, but imho, CT's is too far gone financially to be saved. CT's state gov't, through the years, have been amongst the 5 most irresponsible in the USA:
Every CT resident would have to pay teachers $10,000 so the teachers can have the pensions they were promised. So, a family of 4 owes $40,000. Which of you is ready to stroke this check?
Tax & spend policies have ruined CT's economic climate for decades to come, so the smart money's leaving, & the exodus has just begun.
The teachers & other state workers are sitting pretty, & the top 5% wealthiest will continue to flee, and leave the rest holding the bag. Are you one of the rest?
The democrats are math challenged. They also made promises they can't keep by writing bad checks.
You know there's a problem when state employees tell you that after 20 years it makes no sense to keep working. The pension plus SS is the same as working, plus they have health insurance covered.
Hypothetically some could work for 20 years and be paid for 40 more years!
How does that make any sense!?
If the 14 Billionaires leave, & take their companies, & the jobs they create with them, your; property, state income, & sales tax, will all rise by at least 20%. How does that sit with you?
Your state's pension fund is $92B underwater, & its dragging the entire economic climate down with it. Why should the entire state collapse due to teachers being grossly overcompensated?
CT's polititicans have raped the private sector with high taxes, and given $92B to gov't workers in the way of promises they can't keep. The politicians chose NOT to properly fund the pensions, & then blew the money they were supposed to fund the pensions with. It's a massive Ponzi scheme that is now imploding, and the Billionaires see it coming, so they will flee, along with thousands of millonaires.
CT's politicians have been grossly incompetent, & this poor Governor is trying to turn it around, but imho, CT's is too far gone financially to be saved. CT's state gov't, through the years, have been amongst the 5 most irresponsible in the USA:
Every CT resident would have to pay teachers $10,000 so the teachers can have the pensions they were promised. So, a family of 4 owes $40,000. Which of you is ready to stroke this check?
Tax & spend policies have ruined CT's economic climate for decades to come, so the smart money's leaving, & the exodus has just begun.
The teachers & other state workers are sitting pretty, & the top 5% wealthiest will continue to flee, and leave the rest holding the bag. Are you one of the rest?
Great points. NY & NJ have so far seen larger wealthy exodus populations than Ct, but it will likely occur here. Wealth is largely tied to Wall St, and some chunks have spread around the nation. Alliance Bernstein fled, UBS now has more Nashville jobs than UBS & RBS have left in Stamford, Icahn is fleeing to Florida.
People of wealth do tax shop, and their corps are solicited to move all the time. Not just by states, but by corps who specialize in analyzing the reduction in cost possible by corps moving. They get a % of the savings if the corp moves btw. It is a huge business.
The democrats are math challenged. They also made promises they can't keep by writing bad checks.
You know there's a problem when state employees tell you that after 20 years it makes no sense to keep working. The pension plus SS is the same as working, plus they have health insurance covered.
Hypothetically some could work for 20 years and be paid for 40 more years!
How does that make any sense!?
If a CT resident is not a pensioned teacher, and not a multi-milionaire/billionaire, & pays state income tax, property tax, or sales tax, they are in for a terrible future of rapidly escalating taxes. The pensioned teachers, millionaires, and billionaires will be able to pay the taxes, or more likely, can afford to flee. The rest are forced to stay and pay.
The financial pain these people have coming their way, will cripple the economic climate for decades to come.
CT needs to reduce teacher pay to the national average, & trim pension payouts considerably, and buy out as many pensions as possible to end the entire teacher pension program at the earliest juncture to save the economic climate of CT.
Last edited by beach43ofus; 07-08-2021 at 10:47 AM..
The democrats are math challenged. They also made promises they can't keep by writing bad checks.
You know there's a problem when state employees tell you that after 20 years it makes no sense to keep working. The pension plus SS is the same as working, plus they have health insurance covered.
Hypothetically some could work for 20 years and be paid for 40 more years!
How does that make any sense!?
I don't know about state employees. Public state teachers though need 35 years for 70% (of highest salary). 20 years gets them practically nothing and they don't get healthcare like NY and NJ. They need COBRA to fill in the gap to medicare.
5%ers are moving in to CT head over heels. They're diving in head first. There's still low inventory though it's picking up a little lately.
I know some downsizing 5%ers in NC and Darien who sold to other 5%ers in the last year and recent months. You know where they moved to? not Florida. The new Harborpoint in Sono. A ton of NC and Darien divorcees and empty nesters are in there partying up a storm every weekend on the rooftop patio and pool. They get them catered by the best chefs around. The first completed building is over 90% capacity already. They're waiting for more inventory to come on in the area to buy back in.
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