A financial stress test of all fifty states by Moody’s Analytics showed that Connecticut is unprepared should the country experience another recession - even a moderate one. Connecticut was one of the bottom 15 states that were “substantially unprepared” for an economic downturn, which would lower tax revenue and increase state service needs to help those affected by a recession.
Connecticut has long been known for having a high population of wealthy individuals, but according to a recent report Connecticut has fallen far behind other states in producing new millionaires. Among the nine states which have the highest number of millionaires, Connecticut had the slowest growth in the number of households earning over $1 million, according to a report by the New York-based Empire Center for Public Policy.
Connecticut’s apprenticeship program presents a great opportunity for young people like Jake, but constraints on the number of apprentices an employer can hire may limit that opportunity for many others.
Everyone knows that living in Connecticut is expensive, but how far will $100 get you in the Nutmeg State? A state-by-state study conducted by the Tax Foundation purports to answer that very question. Using the 2014 price index from the U.S. Bureau of Economic Analysis, the Tax Foundation found that in Connecticut $100 only translates to $91.91 in actual purchasing power.
Aetna assured Connecticut lawmakers that it will leave most of its employee workforce in Hartford and would only move its top executives to its new location in New York City. But even the loss of the top five executives at the insurance giant will cost Connecticut millions in lost tax revenue. The five top executives, including CEO Mark Bertolini, earned a combined $49.2 million in 2016, according to Morningstar, a stock-trading and investment research company.
In what is becoming an all-too-familiar occurrence, the CEO of a major Connecticut company issued a politely-worded piece asking state lawmakers to “take the steps necessary to support the long-term economic sustainability of the state.” Stanley Black & Decker CEO Jim Loree penned an op-ed to the Hartford Courant Friday asking lawmakers to get Connecticut’s finances under control without once again raising taxes.