SMALL BUSINESS STATEMENT REGARDING PROPOSED BUDGET CUTS IMPACTING THE MOST VULNERABLE IN OUR STATE
The following statement may be attributed to NFIB
Connecticut State Director Andrew Markowski regarding this week’s revelation that,
just a few months into this fiscal years contemptuous budget, the Governor is
already cutting the budget which will reduce services and further harm a state
that has had an increasingly difficult time finding any resemblance of a swift
and meaningful economic recovery.
“42% of Connecticut’s revenue is now collected via the
personal income tax, which includes most small businesses owners, giving us the
dubious distinction of having one of the highest rates of income tax budget
dependency in the nation. Since 2011, despite experiencing the single highest
tax increase in our state’s history, the looming deficit was obvious to the
small business community and some reasonable lawmakers. However, Governor
Malloy and a majority in the legislature ignored the warnings and forged ahead
with budgets and tax packages that directly correlate to the recent
announcement that there will be a drastic reduction in funding for healthcare
and services to those most in need.
“Unfortunately, the degradation of our economy
continues down a path that will leave the most vulnerable without the
opportunity to receive community based services that help them to improve their
lives. Simultaneously, small businesses, and the jobs that they create, are
already beginning to migrate to states with a more hospitable economic climate.
Connecticut’s fiscal policies have not only managed to destroy our economy over
the past 5 years, but are now continuing to drive up the already high costs of
healthcare and are hurting the very people who need help the most.”
“The answer to Connecticut’s
economic crisis is not reducing spending in areas that are easy targets. It
requires a more thoughtful and deliberate approach that must include cutting
taxes and improving the overall climate for businesses in Connecticut. The 2015 Survey of Connecticut Businesses by
BlumShapiro illustrated this best when they showed that over a third of businesses
in Connecticut are considering relocation. Cut their taxes and encourage their
expansion and the state’s economy as well as the confidence entrepreneurs have,
will improve drastically.”
