Anyone who cares about business in the state of Connecticut should read the lead editorial in Saturday’s (8/29) Wall Street Journal.
According to the well-researched and written piece, since the enactment of the state income tax in 1991 by then-Gov. Lowell Weicker, the Connecticut has seen zero net job creation, and a population outflow of 113,000.
The income tax and all the other myriad taxes and fees in the state make Connecticut No. 3 in terms of tax burden on its individual citizens.
With proposed new taxes on wealthy individuals and businesses to balance the state budget, Connecticut will make itself even less competitive. And it’s pretty obvious which way the jobs and people will flow.
It’s a pretty amazing set of numbers and points to the need for a new mentality in state government in CT.