Connecticut Dems pass big tax increase; General Electric eyes fleeing the state

Connecticut Dems pass big tax increase; General Electric eyes fleeing the state

[Ed. – Ah, Jeffrey Immelt, BFF of tax-and-spend Democrats. ]

The same week Connecticut governor Dan Malloy pushed through a $1.1 billion in tax increases in the already heavily taxed state, the iconic firm General Electric appears to be considering fleeing the Constitution State, and moving its headquarters to more business-friendly climes.

In an e-mail to company employees obtained by National Review, GE chairman and CEO Jeff Immelt wrote that the “passing of this law, despite the concerns we raised, has serious implications for GE, other businesses and for the business climate in Connecticut.”

“As a result of this law passing, I have assembled an exploratory team to look into the company’s options to relocate corporate HQ to another state with a more pro-business environment,” Immelt continued. (The text of the full e-mail is here.) …

Connecticut has repeatedly increased taxes on businesses, the fact sheet noted, including a 2013 extension of the corporate tax surcharge. Meanwhile, the state has a 6.3 percent unemployment rate, almost a full percentage point above the national average and the highest in New England, and has seen a steady net outflow in population. The GE fact sheet also offered a merciless list of the the state’s rankings in various economic indexes: 50th in Job Climate (Gallup), 46th in Economic Profile (CNBC), and 44th in Economic Climate (Forbes).

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