But the answer is the three worse pension funded states for retirement in the nation. That's funded as in prepared. From an opinion piece in the WSJ.
Hard to believe, but Connecticut was once a low-tax haven in the Northeast. Its business climate has grown so hostile in recent years, however, that General Electric on Wednesday announced that it will move its headquarters to Boston. When Taxachusetts becomes a reprieve, Governor Dan Malloy ought to know Connecticut has a problem.
GE CEO Jeff Immelt began entertaining re-location offers last summer after Connecticut’s legislature grabbed an additional $1.3 billion in tax hikes, the fifth increase since 2011. A company statement noted that the “Connecticut economy continues to struggle as other states offer more opportunities and a better environment for business growth.”
The state’s $40.3 billion two-year budget boosted the top marginal tax rate on individuals earning more than $500,000 to 6.99% from 6.7% and 6.5% in 2010. Mr. Malloy also extended for the second time a 20% corporate surtax that his Republican predecessor Jodi Rellhad imposed in 2009. To add liability to injury, he required corporations to report their “unitary” business income from affiliates around the world and limited deductions for carried-forward losses.
The tax hikes have failed to cure Connecticut’s chronic budget woes, which are symptoms of a bloated government payroll and paltry economic growth. Since 2010 the Constitution State has recorded zero real GDP growth, the lowest in the nation save Louisiana (-0.7%) and Maine (-0.6%). Connecticut is one of only four states (Illinois, Vermont, West Virginia) whose populations have declined since 2012.
What's ironic about this story is GE CEO Jeffery Immelt is a good friend and a big supporter of the President, the same President who protested and did his best to block Pfizer's tax-saving inversion move to Europe. Now we have Immelt and GE leaving Connectitax for the same reason.
Hypocrisy is only hypocrisy when I say it is. Some call it setting up shop.
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