Small Businesses that continually fear rising state taxes unable to grow and prosper
HARTFORD, April 15, 2019—A report on the economic competitiveness of all 50 U.S. states released today by the American Legislative Exchange Council places Connecticut at 40th. The report measures 15 variables, including a variety of state taxes, state debt, policies that impact the economic growth, the cost of doing business, and the quality of the state’s legal system. The ability of a small business to grow and prosper is closely tied to these factors, and can negatively impact NFIB’s thousands of members across Connecticut.
“When a small business is unable to predict their future costs, taxes are high, and there is a threat they could rise further, a company owner will hold off on expanding or adding new jobs,” said Andrew Markowski, state director of NFIB in Connecticut.
“If you look at the federal data on migration, Americans vote with their feet. Many businesses and families move to states that are more competitive. Their state taxes go with them, so that isn’t good for Connecticut’s economy.”
