Posts Tagged ‘Taxes’

Tax changes may be on R.I. horizon

Friday, October 23rd, 2009

From today’s Providence Journal: Governor Carcieri’s administration director, Gary Sasse, gave a roomful of state senators a list of “two to three things” to do over the next few months as the state tries to climb out of its financial abyss. The first was: “pray.

The next was: “Need positive attitude. No naysayers,” according to the notes kept by one of the senators at the meeting last week.

The third was a variation on a key piece of an ambitious proposal to solve deficit-racked California’s budget crisis: lower the tax burden on the wealthy, repeal sales taxes and replace the corporate profits tax with a new levy pegged to business revenues.

CT loses ground on Forbes’ “best state’’ list

Thursday, September 24th, 2009

From Hartford Business Journal: Connecticut ranks 35th – just behind Massachusetts – among the nation’s best places for business in 2009, losing ground from its ranking a year earlier, according to Forbes.com.

New England states overall showed poorly — with Rhode Island placing dead last — on the latest ranking by the business-information publisher.

…Forbes.com said today its 2009 ranking measures six vital categories for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. It also factored in 33 different points of data to determine the ranks in the six main areas.

Business costs that include labor, energy and taxes were weighted the most heavily, the business-information publisher said.

Connecticut ranked near the bottom in four of six major categories.

According to Forbes, the state is 45th in business costs; 18th in labor supply; 33rd in regulatory environment; 31st in economic climate; and 37th in growth prospects.

… Rounding out New England, Forbes ranked New Hampshire No. 19 overall for business, just ahead of its 20th spot a year ago; Massachusetts improved to No. 34 from 36th place; Maine rose to No. 41 from 46th; Vermont was No. 47, down from 36th; and Rhode Island was No. 50, down from No. 45 last year.

CBIA: CT business leaders aren’t happy with General Assembly

Friday, September 11th, 2009

From the Hartford Courant Blog: A new survey sponsored by the Connecticut Business and Industry Association and the accounting firm BlumShapiro suggests that our own elected leaders are doing a good job at making more of a mess of the the state’s already depressed economy.

Whether you agree with it or not, the survey results illustrate a major problem. We need businesses to feel positive about the state. If our elected (Democratic) leaders in the General Assembly are sending the wrong message to businesses, and particularly ones that are considering expansion or moving here, that’s not good. But it’s also a problem if the business leaders think Democrats are somehow anti-business, which is absurd. Democrats know where our tax revenues — and jobs — come from as much as Republicans do.

Unfortunately, the annual survey did not ask business leaders whether any of the governor’s policies had “negatively influenced” the ability to run a profitable business. It also, not surprisingly, found that Connecticut business does not like taxes, and particularly the income tax.

But Carl R. Johnson, managing partner at BlumShapiro, is right when he says that legislators “need to reach out more to figure out how the business community can help.”

“I don’t think that people realize that if business is thriving how we create jobs.”

WSJ: Connecticut follows Trenton and Albany up the tax charts

Friday, September 4th, 2009

Jodi Corzine’s Piece from last Saturday’s WSJ: Connecticut grabs $7,007 in state and local taxes per man, woman and child resident, according to the Tax Foundation, more per capita than every state but New York and New Jersey. That’s hardly the company any state would want to keep these days, but the politicians in Hartford seem intent on following Trenton and Albany off the tax-and-spend cliff.

This week Republican Governor Jodi Rell proposed a $1-billion-plus income tax hike, raising the top tax rate to 6.5% from 5% on individuals with incomes above $500,000 and couples with earnings above $1 million to close an expected two-year $8.5 billion budget deficit. The tax hike would be retroactive to January 1, meaning the government would snatch money that residents have already earned. Perhaps she aspires to the nether-world approval ratings of New Jersey Governor Jon Corzine.

Given the size of its deficit, it’s hard to believe that for 200 years Connecticut balanced its budget without any income tax and became the richest state in the bargain.

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