Pioneer Institute’s study “Back to Taxachusetts” tracks ten years of Connecticut data from 2008 to 2017 and is rife with sections entitled “Corporate exodus,” “Stagnant economy,” and “Voting with their feet,” to show Connecticut’s tax policies have left the state failing, whereas Massachusetts has become an economic powerhouse.
“Connecticut provides a real-world, sobering example of how a seemingly attractive tax-the-rich scheme can backfire badly on a state, turning rosy projections of revenue gains to real-life losses, and damaging business confidence in the process,” wrote Gregory W. Sullivan, research director for Pioneer Institute.
The study was authored in response to a “coalition of labor unions, community groups, and social advocacy organizations,” trying impose a 4 percent tax surcharge on individuals in Massachusetts earning over $1 million per year through a “Fair Share Amendment” to the state constitution. The amendment was placed on the voter ballot, but was challenged in court.
Union-aligned progressives are pushing for the same sorts of things in Rhode Island. So far, the firewall of sanity has held in the Ocean State, but one can only hope Rhode Islanders are paying enough attention to learn the lessons when other states fall for the far-left pitch.