By Keith M. Phaneuf and Mark Pazniokas
Gov. Dannel P. Malloy today proposed to roll back more than $220 million in tax hikes, almost all of them on business, in the new two-year state budget, and replace them with still-to-be-identified spending cuts.
Gov. Dannel P. Malloy and Lt. Gov. Nancy Wyman at today’s Hartford news conference. (CLICK TO ENLARGE) Mark Pazniokas/ctmirror.org photo
The governor – whose proposal followed a meeting with the state’s chief business lobby — comes on the heels of threats from General Electric and other major corporations to shed jobs and possibly leave the state.
Malloy said he anticipates the changes will be considered later this month when lawmakers gather in special session to adopt budget policy bills needed to implement the new spending plan.
“I have always been clear that I believe that we need to be smart about spending, about revenue, and about our future,” said Malloy, who met earlier today with Connecticut Business and Industry Association President Joseph F. Brennan. “…Even as we have one of the the lowest effective corporate tax rates in the nation, these steps are being made to protect Connecticut’s long-term interests.”
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It is now time for Governor Malloy to stand up and be counted. CT. can’t afford to have the titans of commerce get up and leave CT. This would be a great legacy for the Governor.
The Governor and his cohorts have to understand that the economic hole left by the departure of the mega corporations will leave a hole in our economic fabric that will not be fixed in a generation, if at all.
Mr. Governor, corporations and people in the final analysis vote with their feet and you are outfitting them with running shoes.
This is all happening on your watch, so be a leader, you might enjoy it.
Ditto what Tom said!