Cause and effect. In the case of Connecticut, high taxes are leading to an exodus of wealthy residents, reducing the tax take for a state already struggling trying to balance its budget. We've seen this in other states, including Illinois, New York, and California. But in Connecticut, the exodus appears to be especially heavy among rich taxpayers, leading to a huge loss in revenue that the state can ill afford. Hartford Courant: It's common knowledge now that Connecticut is seeing an exodus of residents. But are the rich leaving? According to the latest IRS data, they are. Legislators who hope to solve the state's budget crisis with ever-higher taxes should pay attention. The data are clear: Those who moved out of Connecticut from 2015 to 2016 took with them more than $6 billion in adjusted gross income, or AGI. People who moved to Connecticut brought with them only about $3.36 billion in AGI. The total net loss to Connecticut: $2.7...(Read Full Post)