The state’s Democrat Governor, Dannel (not a misspelling) Malloy is begging them not to leave. Malloy enacted major tax increases in 2009, 2011, and 2015. The 2017 budget calls for still more tax increases, but not nearly enough to cover the state’s $5 Billion deficit. Connecticut already has, after New Jersey, the 2nd highest tax burden in the country.
Aetna is apparently looking to New York or Boston for its headquarters, so it’s not really taxes or regulation that it’s fleeing. However, the onerous taxes and horrendous cost of living in New York or Boston is made up for because you can get a decent bagel and Bhutanese take-out at 3:00 in the morning. This makes it worth it to some people; some not very wise people.
But Hartford can’t compete on that playing field. No matter how much money the mayor extorts from the state to try and build a “vibrant and culturally diverse” city and neighborhoods, it’s always going to be a shadow of New York and Boston. You too, Providence RI. And hardly anybody who has a choice is going to live in Connecticut’s brutal tax environment AND a declining, third tier city. It’s not like the state has lovely scenery or good weather.
To compete with surrounding states, Connecticut ought to create a low-tax, business-friendly environment that would make the state economically competitive with its neighbors. But lowering taxes and reducing Government is anathema to the left-wing Democrats who monopolize power there. The best they can do is pander… politician to big business crony… and offer Aetna the kind of tax breaks and other fiscal relief that smaller businesses in the state do not get.
BTW, isn’t Aetna the kind of company Democrats want to put completely out of business with Single Payer Health Care?