Sen. Hwang: GE’s Statement on CT Budget is the Unfortunate, Scary Truth

Sen. Tony Hwang (R-28) issued the following remarks today in response to a statement from General Electric, in which the Fairfield-based corporation stated:

“Reports that Connecticut officials intend to raise taxes by another $750 million dollars are truly discouraging. Retroactively raising taxes again on Connecticut’s residents, businesses and services makes businesses, including our own, and citizens seriously consider whether it makes any sense to continue to be located in this state. The Connecticut economy continues to struggle as other states offer more opportunities and a better environment for business growth. It is essential that Governor Malloy and legislative leaders find a more prudent and responsible path forward for Connecticut and its citizens in their current budget negotiations.”

“I commend GE for taking the bold step of declaring so publicly its position on the budget that Governor Malloy and Democrats negotiated behind closed doors. The truth can sometimes be hard to swallow, and the fact is that GE is right – this budget will dramatically increase the cost of doing business in Connecticut and raise taxes yet again on all residents. I can only hope that the governor and Democrats heed their advice.”

“It’s important to note that this isn’t just about GE. It’s about the entire ecosystem of inter-related medium and small-businesses and community nonprofits that this iconic American company has created here in Connecticut. I fear that GE’s departure would have a ripple effect with disastrous effects on our economy, and become a microcosm of a larger story that will unfold across our state as other major corporations re-evaluate the viability of operating in Connecticut’s cost-prohibitive tax climate. In fact, Hartford-based insurance giants Aetna and Travelers have also warned the governor and Democratically-controlled legislature of a possible exit from Connecticut in light of the untenable taxes in their proposed budget.”

“Our government is charged with representing the will of the people, and Republicans have heard their message loud and clear: no more taxes! I hope the warnings from these respected companies serve as a desperately needed wake-up call to the governor and Democrats, and that they finally bring Republicans into budget negotiations so that we can truly work in a bipartisan manner and come up with a budget that does right by all of the people we represent.”