The Department of Economic and Community Development offers loans, grants and business tax credits to qualifying businesses under a variety of program intended to boost economic activity and jobs in the state. But according to the most recent audit of the department’s 2018 and 2019 annual report, measuring the effectiveness ...
CT’s Small Business Climate: Graded D (Needs Improvement!)
Don’t take it from us — take it from the Economist.
A recent piece there finds that Connecticut merits only a “D” for its overall friendliness to small business. That means it’s better only than California, Illinois, Maine, Rhode Island and Vermont. Whooppee.
And that’s just overall. When it comes to the tax code, Connecticut fails entirely — along with only three other states: Illinois, Hawaii and Rhode Island. That’s right: We’ve got a worse tax climate even than the liberal hotbeds of California and Massachusetts!
Connecticut earns the same failing grade when it comes to regulations — a big, fat F. We scrape the bottom of the barrel along with only Rhode Island, Hawaii and California.
Small business has traditionally been the area where new jobs are created, but that’s not so much the case anymore. No doubt the onslaught of taxes and regulations imposed by busybody bureaucrats is a large part of the reason why.
If Connecticut is ever to enjoy a robust recovery, its government needs to take its boot off the throat of small business throughout the state.
The Tax Foundation released its annual ranking of states based on their overall business tax climate and placed Connecticut 47th in the country, besting both New York and New Jersey but falling short of other Northeastern neighbors. The rankings were based on personal income, sales, corporate, property and unemployment insurance ...