Yesterday, the Connecticut legislature passed a $40.1 billion dollar budget. Of course, it isn’t balanced but, Governor Malloy “hopes” to get $2 billion in concessions from the unions, after which, the budget will balance. It includes some $2 billion in increased taxes including a “temporary” corporate tax surcharge on a 7.5% corporate tax rate.
Yesterday, the Florida legislature passed a $69.6 billion budget. It is balanced. It includes some $309 million in tax cuts, eliminating corporate taxes on many small businesses. Governor Scott had wanted to reduce the corporate tax rate from 5% to 3.5%, but, the legislature turned him down.
This may not be an apt comparison, but, it did strike me as unusual. Florida’s population is 18.9 million people, almost 6 times that of Connecticut (3.5 million people). And yet, Florida’s budget is less than 2 times that of Connecticut.
From a purely mathematical stand point, Connecticut’s budget is $11,398 per Connecticut resident, Florida’s is $3,682 per Florida resident.
Granted, Connecticut has to deal with snow removal and Florida does not, but, even with that, the difference does appear significant.
So, Connecticut, what are you doing with your money?
Thanks to a comment from Rick, I learned that Connecticut’s recently passed $40.1 billion budget is for 2 years, not one. As a result the above comparison is incorrect. The reality is that Connecticut is only spending approximately $5657 per resident in the upcoming budget year, compared to Florida’s $3682 per resident in the upcoming budget year.
Again, mea culpa.