This letter is addressed to Gov. Dannel P. Malloy:
As selectman for the town of Fairfield, I am deeply concerned that the state’s recent tax proposal has led Connecticut based companies, like General Electric, to consider leaving the state. Should GE leave Connecticut, it would have a devastating impact on Fairfield’s economy and the livelihood of many of our residents. We urge you to listen to the concerns of these companies and enact tax policy that will help make businesses of every size in Connecticut succeed.
As you know, GE’s headquarters has been in Fairfield for decades. Many of the company’s 7,000 Connecticut-based employees call Fairfield home. To lose a business like GE has real consequences. GE represents nearly 1 percent of Fairfield’s tax base and pays nearly $2 million in taxes to the town. That is money we cannot afford to lose. Families in Fairfield would also face job losses, lower property values and economic decline.
When GE speaks, people listen. Their concerns, however, represent the struggles of many small and medium size businesses in the state. Connecticut’s unemployment rate is 6.3 percent, nearly one percent higher than the national average. While the unemployment rate remains high, so do our tax rates. The top marginal corporate income tax rate is 9 percent, the eighth highest in the nation.
As Connecticut’s economic environment has become less favorable, home prices have declined. The median sale price in our state fell 4.5 percent in 2014 compared to the previous year. The census bureau shows Connecticut being one of six states that has lost residents between 2013-14. These indicators all show the financial burden on our families and businesses has reached a breaking point.
We are a small state, but we do not have to remain in a state of decline. We must return Connecticut back to growth. It starts with leadership in Hartford to lower the tax burden on our families and businesses and put forward a pro-growth agenda.
Thank you for listening to the concerns of the town of Fairfield. I urge you to reduce the tax burden being placed on our families and businesses. Gov. Malloy, I call on you to veto this budget and preserve the economic future of Fairfield and Connecticut.