$1.2 Billion Tax Hike Has Major Employers Looking to Flee Connecticut
9th June 2015
Businesses in Connecticut have understandably been critical of this latest tax increase in what is already one of the most heavily taxed states in the union. General Electric (GE), which employs 5,700 workers in Connecticut, immediately voiced their concern about the new taxes. In a letter sent to GE workers, CEO Jeff Immelt made clear that, as a result of this new $1.2 billion tax increase, the company is looking to relocate to a state that is less hostile to employers.
My, what a surprise! Aren’t you surprised? I’m sure surprised.
GE is not the only company that may flee the state. Another major employer, AETNA, is “looking to reconsider the viability of continuing major operations in the state” according to a company statement. Boehringer-Ingelheim, Travelers, and many businesses have also blasted the tax hike.
Yup. Hard to increase your take of the wool when the sheep you’re planning to fleece flee the neighborhood.