Filed under: Democrat Corruption, Economy, Taxes | Tags: Business Climate, Excessive Taxation, Free Markets
Basic Economics. Connecticut is one of the worst states in the country when it comes to business taxes. The state is now looking at another round of business tax hikes. With their latest budget, the Connecticut legislature has now increased business taxes five times since 2011, forcing companies located in the state to pay the fifth highest tax rate in the nation.
With the latest increase, accountants will be working overtime to deal with the new budget that includes nearly $2 billion in tax increases, including a $700 million increase in business taxes.
Bright politicians know an opportunity when they see one. Governors Mike Pence of Indiana and Greg Abbott of Texas pay attention. Republicans both, the governors have written to the corporate leadership of GE, Aetna, and Travelers, inviting them to tour their states and investigate the tax advantages that Connecticut can no longer provide.
Bloomberg reported that Abbott’s letter boasted of a $3.8 billion tax-cutting package approved by the Texas legislature in May that included a 25 percent cut in the business franchise tax. That alone would save companies in Texas a total of $2,5 billion in the next ten years.
Pence wrote that “Businesses in Indiana grow with confidence, while businesses in high-tax states like Connecticut operate in fear of seeing their piggy banks raided,” wrote Pence. “On behalf of 6.7 million hardworking Hoosiers, we are constantly meeting with companies around the world that are choosing Indiana and enjoying an instant spike in earnings. With Connecticut taxes skyrocketing, it’s important to remind businesses that Indiana is here to help as a state that works.
Fifty percent of Connecticut residents in a poll over the last year said they would leave the state if they could, but they can’t sell their houses because nobody wants to move in because of taxes.
Legislative leaders Sharkey, Looney and Duff ( sorry, I couldn’t resist) Senate President is Martin M. Looney, Majority Leader Robert Duff and Speaker of the House Brendan Sharkey, were all pleased with their budget which contains major property tax relief and long term investments in transportation. “A brighter tomorrow will start with this budget today” said Gov. Malloy.
Texas and Indiana are standouts in the nation for their low taxes and successful economies. We’ll see how many Connecticut businesses decide to relocate..
Filed under: Economy | Tags: big government, Capitalism, Free Markets, Obama Administration
The revised figures for the first quarter show that the American economy shrank by 0.7 percent — January through March. The administration did not, however try to blame it on Bush, they blamed it on the harsh winter. It was a brutal winter on the east coast and in the Midwest. It is the third quarter in which the economy has actually contracted (the other two were the first quarters of 2011 and 2014).
This has been the slowest, most sluggish recovery since World War II. The strong dollar has meant that American exports are down. but other economies are not healthy either, including China’s. The Obama administration’s big-government, big-deficit, big waste and big-regulation policies are not a recipe for growth or recovery.
A new study finds that overhead costs are exploding under ObamaCare. Another promise up in smoke. The Health Affairs Blog published a study based on numbers from the Centers for Medicare and Medicaid Services, the agency that runs ObamaCare and found that ObamaCare increased health care costs by $17 billion last year, and by 2020 will add a total of more than $270 billion.Twenty-two percent of all new spending is going to overhead, paperwork, not patient care.
The United States spends more on regulation than ever before. The amount spent has increased significantly as has the number of people who are employed to write and enforce the increasing number of government regulations. In 1990, total spending on regulatory activity was $20.6 billion. This year it will clock in at $60.1 billion, a 192% increase. The National Association of Manufacturers estimates that in 2012 the total cost of federal regulations was just over $2 trillion — 13 5 of that year’s GDP.
Is this unruly Americans who need more careful control? Not likely. It is an administration that sees power and control as a goal. Not a climate in which free enterprise can prosper.
Filed under: Capitalism, Economy, Education, Energy, Freedom, Health Care, National Security, Politics | Tags: Free Country, Free Markets, Free People
Filed under: Capitalism, Freedom, Law, National Security | Tags: Equality, Free Markets, Individual Liberty
Countries that pursue economic freedom get prosperity as a bonus.
The clear lesson of history is that individual liberty, the basic underpinning of American society, requires constant defense against the encroachment of the state.
A society that puts equality—in the sense of equality of outcome—ahead of freedom will end up with neither equality nor freedom. The use of force to achieve equality will destroy freedom, and the force, introduced for good purposes, will end up in the hands of people who use it to promote their own interests. Milton Friedman
Christianity, democracy, the rule of law, indeed free markets, are things worth having, as we might attest; also motherhood, and apple pie. But none of them can be imposed, each must be freely chosen. All are things we chose for ourselves, over many centuries of trial and error. David Warren