FROM THE NEWSROOM: HARTFORD, Conn. (AP) — A new report says tax revenue in Connecticut is more volatile than in most other states as capital gains and stock trades for the rich gyrate while wages earned by everyone else have barely increased since before the recession. The report released Monday by credit rating agency Standard & Poors also says tax revenue growth has slowed to 7.3 percent since 2009 from a high of 10.8 percent in the 1980s. The report says average annual growth of state tax revenue nationwide fell to 5 percent in 2011 from 10 percent in 1980 while the share of total income for the top 1 percent of earners doubled. Connecticut is home to a large number of investors, business executives and other high net-worth individuals. Its among the 10 states with the highest levels of income inequality.
Posted on: Mon, 15 Sep 2014 09:28:59 +0000
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