Letter: Restoring Connecticut’s prosperity
To the Editor:
Last week’s Democratic View by Will Haskell exemplifies why CT is in economic tatters. His anti-business negativity is shown by his reference to “tax-sheltered executives,” as if all business leaders avoid paying taxes.
Add to this our outrageously high taxes with surcharges on business and meddling/punishing regulations, and we can understand why businesses have been leaving CT in droves.
The Democrat solution is more of the same with more spending on transportation and bribing CT graduates to stay in CT.
Uh, how will they stay in CT when jobs are scarce here but plentiful in the rest of the country?
He blasts Republican calls for abolishing the income tax, but CT thrived before the income tax. In 1992, state spending was 8.99% of CT’s GDP. From 1991 to 2014, the state spending grew 71% faster than the inflation rate, but the population only grew by 9%. By 2015, state spending was 11.8% of GDP, a 32% increase. And the state was in decline.
Compare the nine highest taxed states (includes CT) with the zero income tax states and you’ll see the zero income tax states had 7% higher job creation, 12.3% higher personal income growth, and 15.6% higher GDP. All statistics from Forbes.
Republicans want a positive business attitude, slashed taxes and strangling regulations, and reduced government spending to recharge CT’s economy dramatically.
From JFK to George W. Bush, anytime federal taxes were cut, the economy (and tax revenue) soared.
Obama raised taxes and instituted thousands of regulations, and GDP was a stagnant 2%. President Trump has cut taxes and regulations and now there are plentiful jobs and more money in our pockets. GDP is growing at 4.2% and economists are saying that will continue. Can we learn from history? High government taxes, control, and meddling do NOT provide prosperity.