Sen. Frantz: Greenwich Billionaires Tired of Being Demonized

GREENWICH, CT- State Sen. L. Scott Frantz (R-Greenwich) said that billionaires in Greenwich are tired of being demonized and that the impact of only a handful leaving could spell trouble for the state.

Frantz told the Courant that he personally knows four billionaires that recently left the state and noted that former Gov. Jodi Rell recently announced she was moving out of Connecticut.

State Sen. Beth Bye (D-West Hartford) countered and said that the number of millionaires in the state grew 22 percent from 2009 to 2015.

However Frantz noted that the four billionaires that left had an average net worth of more than $5 billion, far more than someone who is worth a couple million dollars.

The comments came on the same day that the senate approved the state budget with major cuts. The vote was based on party lines with Democrats supporting and Republicans opposing.

Nonpartisan fiscal staff recently reported that the 50 largest income filers reported about $3 billion less in quarterly earnings this spring compared to last spring, according to the CT Mirror. That meant $217 million less in taxes for the state.