The trouble with socialism is that sooner or later you run out of other people’s money

Hartford calling!

Greenwich: $142 to Hartford, $1 back.

For every $142 local residents pay out in state income tax, Greenwich gets about $1 back in municipal aid annually, according to a new study by the South Western Regional Planning Agency that has town officials once again saying that they are stuck in a one-way relationship.

Greenwich provided the state with $758 million, or just over 14 percent, of its income tax revenue in 2007, the most recent year that figures were available to the eight-municipality planning consortium.

On a per-capita basis, that works out to $12,420 for each of the town’s 61,101 residents as estimated by the 2000 Census.

The next closest municipality was Stamford, which accounted for $241 million, or 4.5 percent, in state income tax revenue.

Rep. Cameron Staples, D-New Haven, co-chairman of the General Assembly‘s Finance,Revenue and Bonding Committee, said the system was never intended to provide a return on contribution.

“State aid is not supposed to be, in my view, equitably distributed to towns,” Staples said. “State aid for the most part goes for services that the state needs to supplement at the local level. A town like Greenwich has the ability to fund most of its own services. The city of Bridgeport is not capable of fully funding its own education system.”

I’m not worried about getting money back from the yokels up north – it’s never going to happen. But if Greenwich and Stamford together are paying 20% of the income tax burden, it’s a fair bet that Fairfield County, with Westport, Darien and New Canaan being sucked dry too, is probably paying almost the full 100%. This is a pretty perilous way to run a state budget, I think. We don’t have to stick around to be bled, after all.

12 Comments

Filed under Uncategorized

12 responses to “The trouble with socialism is that sooner or later you run out of other people’s money

  1. Greenwich Gal

    CF – Give credit to where it is due. You should attribute your headline to Margaret Thatcher, which is where I believe it came from, yes?

    • christopherfountain

      Excuse me, GG, but I assumed Ms. Thatcher’s quote was so well known that no attribution was necessary. And I’ll stand by that assumption.
      Update: On reflection, GG, except that I have the highest respect for readers of this blog, I suspect that your point is well taken. The general public, especially, alas, the younger generation, is ignorant of what until recently was considered our common knowledge base. “A rose by any other name”, “Flies of summer”, “Knowledge that he is to be hanged in a fortnight concentrates the mind wonderfully” * are all phrases I tossed out in my brief teaching career to students who had never heard of them. I’d fear for our future but heck, I’ll be dead before the kids have to run the world.

      * which I myself have probably garbled

  2. polly pavel

    You are the only real estate agent I have ever come across that actively tells people they should move away from the place you’re selling real-estate.

    Not sure if that is being extremely intellectually honest or just bat sh*t crazy. My bet…a bit of both.

  3. Anonymous

    Greenwich, along with Manhattan and PaloAlto area, has many of most quantitative and tax-savvy residents on planet
    Any realtor not being open re: relative total taxation (and risks of increased near-term taxation) will lack any credibility with most financially capable clients anyway

  4. Joe

    I’m a RE broker in Naugatuck. I always click you from zerohedge. Good stuff bro. thanks

  5. Greenwich Ex-Pat

    From each, according to his ability, to each, according to his needs, eh?

    Sounds like Cameron Staple, D-Siberia, is a fine member of the state Politburo. After all, someone has to fund New Haven’s sanctuary city expenses.
    Commie.

  6. pulled up in OG

    Livin’ large upstate.

    http://georgejsmith.com/mill_rates.html

    (Waterbury currently down to 39.92)

  7. Joe

    My cousins do most of thier foundations in Greenwich. They do foundations and they do great honest work. They tell me developers are taking very low bids from inferior foundation companies. They will not, because thats how you get screwed. Why commit expenses and then wait for the last third payment as your butter – when it may not come.

  8. Arouet

    The whole “commie” thing is dated and juvenile. There’s a price for social stability. NIMBY. No free lunch. There will always be those among us who will take more than they give. Kill them or give. But don’t whine and then expect anything. /s/ A Realist.

  9. Greenwich Ex-Pat

    “The whole “commie” thing is dated and juvenile.”

    Guilty of being both dated and juvenile. And unsophisticated. I despise communism.

  10. XYount

    Joe, Who are your cousins? It’s good to know anyone trustworthy and capable, and readers here will certainly and take note.