Lawmakers Preparing to Vote on Higher Taxes, Spending
A vote could come at any time on a state budget package for the next two fiscal years that will raise taxes, increase spending, and likely halt Connecticut’s economic recovery.
Connecticut’s job creators, however, have significant concerns with the level of spending and the higher taxes that are expected to be included in the package.
Details of the final budget are being set, but it’s clear it will include higher sales taxes, higher corporate taxes, and higher personal income taxes for some.
Connecticut already ranks near the bottom in national economic competitive rankings and this would only make our position much worse.
The state has gained back only 78% of jobs lost in the last recession, while the U.S. has gained back 130% and Massachusetts 150%. Last month, Connecticut lost 300 private sector jobs while gaining 1,500 government jobs.
It’s time to choose a new path
Employers and the business community, working with the Connecticut Institute for the 21st Century, have offered a number of policy proposals that would slow the growth in state spending while actually improving the delivery of state services.
Recommended reforms are in the areas of corrections, long-term care, pension reform, greater use of not-for-profit providers, and more.
Many of these ideas have been used successfully by competitor states that are out lapping Connecticut in national competitiveness rankings.
Legislators should include these measures in this budget package and reject higher taxes.
It’s time to #MoveCTUp.
For more information, contact CBIA’s Bonnie Stewart at 860.244.1925 | email@example.com | @CBIAbonnie
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