High-tax Connecticut facing new budget mess

Jun 28, 2017, 6:31 PM

http://www.foxnews.com/politics/2017/06/28/high-tax-connecticut-facing-new-budget-mess.html

Illinois isn't the only state dealing with financial headaches these days. Connecticut, too, is facing big budget problems as major corporations flee the state's high taxes and its fiscal future gets murkier by the day.

While Illinois is facing the possibility its credit rating hitting "junk" status, Connecticut has the distinction of the third-worst ratings in the country -- behind Illinois and New Jersey.

Much of the financial troubles are tied to the state’s pension system, which two-term Democratic Gov. Dannel Malloy’s office is seeking to address with a new plan to save the state $24 billion in “coming years.”

The state has been losing corporations crucial to its economy. Just last month, Aetna Inc. announced negotiations with several other states to move its corporate headquarters. Aetna, the health insurer which has been based out of the state’s capital, Hartford, since 1853, is reportedly exploring a move to Boston or New York.

Hartford has been struggling with a financial quagmire of its own, even meeting last month to discuss the option of filing bankruptcy, which the mayor said would be a “death knell” for the city.

But Aetna is not the first major corporation to explore exiting -- General Electric left its headquarters in Fairfield, Conn., last year after more than 40 years.

“They (GE executives) said Connecticut continues to tax at rates that make it unaffordable for businesses, people to stay here and didn’t see what Connecticut looked like seven or eight years from now,” he said. “... That’s the same analysis I’ve heard from a number of businesses as to why they’re leaving. The progressive agenda this governor put forth is now coming home to roost.”

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High-tax Connecticut facing new budget mess

These fiscal problems are the result of greedy unions and

Re: High-tax Connecticut facing new budget mess

Re: High-tax Connecticut facing new budget mess

How's supply-side Kansas doing?

Re: How's supply-side Kansas doing?

Not good

Good article, not one reference to Laffer curve solutions***

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