The chief executive officer of General Electric Co. has told employees the company has begun looking at the possibility of relocating its Fairfield headquarters in response to the Connecticut legislature's adoption of a two-year budget that again raises business taxes.
CEO Jeffrey Immelt said in an email obtained by The Associated Press that he has assembled an "exploratory team" to review the company's options to relocate to another state with a "more pro-business environment."
He cited "significant and retroactive tax increases for businesses" passed Wednesday night despite lobbying by GE.
Immelt says the conglomerate that manufactures appliances, aircraft engines, wind turbines and other large industrial products buys $14 billion in goods and services from Connecticut companies.
Maybe the Dems should market Gov. Dannel P. Malloy as the anti-Rick Perry governor. This overreach could be very costly for the Nutmeg State as those GE employees make a lot of money and pay a substantial chunk of state and local taxes. They won't be easy to replace.
Connecticut was once a low tax haven for wealthy New Yorkers and once one of the richest places in America, and now it's losing out to the rest of America in nearly every category — jobs, population and income. A state that ranks in the bottom five in nearly every ranking of economic climate has just labored to make things even worse. As Ronald Reagan used to say, people can vote with their feet.