Unstable Stock Market Could Hurt State Tax Budgets
While many feel the wealthy should be paying more in taxes, the efforts to enforce this strategy does have some consequences for state budgets. Many of the country’s wealthiest individuals hold the majority of their wealth in stocks. That means when the stock market goes down, so do the tax payments of the wealthy.
In fact, several states are currently feeling a pinch in their budgets thanks to the less than favorable conditions of the market. For example, Connecticut governor Dannel Malloy announced budget cuts late last year blaming the stock market’s lackluster performance. Budget analysts expect at least a $200 million deficit, and the governor has already announced several cutbacks.
Meanwhile, in California, the state is also expecting less revenue from capital gains this year and in New York lawmakers have been told to lower their expectations for the state’s upcoming fiscal year. While not all states are affected by the stock market, those that count many of the wealthiest individuals as residents can be hurt dramatically when the stock market takes a downturn.
Another sign that higher taxes could be hurting states’ budgets is happening in Connecticut where some lawmakers believe that many of the state’s wealthiest individuals are moving to other states in order to avoid Connecticut’s high tax rates on the wealthy. With so many high net earners in the state being affected by new efforts to raise taxes on the wealthy, the state’s budget is taking an even greater hit.
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Armin Tahmasbi | Encapsulate
I’m a young entrepreneur and a Ph.D. candidate in Biomedical Engineering program at the University of Connecticut, working on “Drug Delivery Systems, Self-Assembled Nanoparticles & Microfluidic Devices”, in Storrs, CT, US. I’m working in Self-Assembled Functional Nanomaterials Laboratory, under the supervision of Prof. Mu-Ping Nieh on “Drug Delivery Systems for cancer therapy”. We’re developing a universal platform for encapsulating and smart delivery of a wide range of drug molecules and
Spencer Jones | Lineus Medical
Spencer worked for 3 years in direct patient care as a Certified Nursing Assistant, Licensed Practical Nurse, and as a Registered Nurse. Frustrated with the inefficiencies plaguing the healthcare system, he was determined to play a role in improving the delivery of healthcare. In 2014, Spencer won the annual ARK Challenge, an Arkansas based business accelerator. The product he developed was a dual lumen peripheral IV called the BVAD, which focuses on painless and uncontaminated blood draws.
Adeel Malik | CEO of Clearstep
While studying finance and neurobiology in undergrad, Adeel spent his time doing neuro-immunology research at the Johns Hopkins Hospital, contributing to several academic publications. After undergrad, Adeel was a strategy & analytics consultant with Accenture for several years where he worked with some of the largest institutions in healthcare across pharma, health tech, health systems, and retail clinics. Adeel’s skills in healthcare analytics, operations, sales, and his breadth of experience