You may remember a 2014 Gallup poll that had Connecticut as the new Dodge City, the place that half the residents wanted to get out of. Well, many are leaving, eroding the tax base. And the next may be Jeffrey Immelt, CEO of General Electric.
Headquartered in Connecticut since 1974, GE is evaluating whether to stay or leave after being hit with a big tax increase. A decision is expected next month.
Companies and people are leaving the state because taxes have been jacked up steeply in recent years under the one-party rule of Democrats. Further hikes are inevitable, given looming budget deficits, driven primarily by escalating annual contributions to the state’s overgenerous and seriously underfunded public-sector employee pension fund and unfunded health care obligations.