General Electric’s decision to move its corporate head-quarters from Fairfield to Boston, sent shock waves through the Connecticut political class. But it isn’t just corporations and billionaires that are leaving to seek new lives and opportunities elsewhere. Connecticut ranks fourth in the nation for people leaving, trailing New York, Illinois and Alaska.
For several years, Connecticut has experienced a net loss of population and that is affecting the tax base to the tune of $60 per second. The state’s income tax earnings, which comprise nearly half of the state's revenue, was much lower than expected for fiscal year 2016 and has legislators scrambling to make up the difference.
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