Connecticut – a state that has done everything the Minnesota DFL wants to do to the Minnesota economy, but put it on a turbocharger – is about to pay the proverbial piper; Aetna Insurance is pondering leaving Connecticut and its confiscatory taxes behind.
Governor Malloy, after an entire administration spent pilfering the coffers of Connecticut businesses and entrepreneurs to benefit his stakeholders, is wondering what all the moving trucks are for, and he’s oh, so sorry:
“As a huge Connecticut employer and a pillar of the insurance industry, it must be infuriating to feel like you must fight your home state policymakers who seem blind to the future,” Mr. Malloy wrote in a May 15 letter to Aetna CEO Mark Bertolini. “The lack of respect afforded Aetna as an important and innovative economic engine of Connecticut bewilders me.”
Now he tells us. Gov. Malloy has spent two terms treating business as a bottomless well of cash to redistribute to public unions. Now that his state is losing millionaires and businesses, he has seen the light. But the price of his dereliction will be steep.
Sound like any other governors and minority caucuses in state that this blog is written in that you can think of?
Last month the state Office of Fiscal Analysis reduced its two-year revenue forecast by $1.46 billion. Since January the agency has downgraded income-tax revenue for 2017 and 2018 by $1.1 billion (6%). Sales- and corporate-tax revenue are projected to fall by $385 million (9%) and $67 million (7%), respectively, this year. Pension contributions, which have doubled since 2010, will increase by a third over the next two years. The result: a $5.1 billion deficit and three recent credit downgrades.
Minnesota’s current tax climate is survivable by Fortune 1000 companies – for a while (small business is another story). But Connecticut shows us that even big-business inertia has its limits.
(By the way – the DFL jabbers a lot about the “meltdown in North Dakota” and “Wisconsin’s disaster”. What are the respective unemployment rates as of this week?
Oh, my. Earlier this year, amid the “oil industry melteown, North Dakota was a full point lower than Minnesota, and Wisconsin pulled even. Today, North Dakota’s rate (driven by more exploration, thanks to the impending impact of the Dakota Access Pipeline) is 1.1% lower than Minnesota’s. And Wisconsin, which Minnesota’s DFL and media (ptr) have been calling a “disaster” for six year? It was tied at the end of last year; it’s a half a point lower today.
Look waaaaaay down the list to find “high tax, high-service” Connecticut.
The Left/DFL/Democrats have a solution for this of course: nationalize the confiscatory taxes so that business can’t avoid local idiocy by moving. Idiocy must be nationalized! The Left demands it!
Personally, I like the idea of a real, Federal system where batsh*t crazy ideas like those in CA and CT have real consequences when the deranged inmates of those states try them. All systems should have negative feedback so that errors can be corrected. And CT has made a doozy here and will be paying the price.
Maybe Trump can get tax reform where the local and state taxes aren’t deductable passed. That will drive the Left, who constantly demand higher taxes, absolutely insane as it will increase the taxes on their backs. But hey, they’re willing to pay for a better USA, right?
Here’s the rub. Aetna will move their operation into Real America, and offer a lot of employees relocation packages.
Those employees are among those that put reprobate leftists in control in the first place. Along with their Volvos, those people will drag their derangements with them. 😣
“Along with their Volvos, those people will drag their derangements with them. ”
Yeah, that’s the problem with freedom; other people have it too.
Until Real America secedes and requires a visa to enter from CA/OR/WA, or MD/DE/NJ/NY/MA/ME/NH/VT or the rest of the Blue Coast, we’re pretty well stuck.
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Swiftee is, alas, correct. That would be why thinking “real Americans” need to learn how to present the case for sanity: that as long as capital and labor can move to where they will be profitable, there is a limit to how much you can do with government. Along the same lines, we need to make the case better for why you wouldn’t want to, even if you could.
Permit fees for carry permits quadrupled in the Nutmeg State to pay for the shortfall.
We cant require a visa for reprobate leftists to enter SC (yet), but I have proposed to my state rep (Real American, of course) to pass a law not to accept drivers licenses as prima facia ID from states that issue them to illegal immigrants.
Our licenses are secure, we dont want their integrity compromised by reprobates and criminals relocating from anti-American states.
I plan to push this idea, and get more people to contact their reps.
https://twitter.com/phillyrich1/status/872098295635742720
How do you argue with this?