opportunity -- at least in connecticut

It is rare these days to speak of economic opportunity, but a great one is now presenting itself to Connecticut. In New York, the Democrats have just agreed on a soak the rich rise in the tax structure -- actually it is a soak everyone scheme, but it hits the rich hardest. For wealthy New York City residents the tax rate is now over three times as high as it would be in Connecticut. For suburbanites in New York, the rate is about twice as high as the Connecticut rate. This gives connecticut a golden opportunity. simply by holding the line on income tax rates the state can attract many high income families over the next few years. This will increase the Connecticut tax base and will lead to an increase in revenues even if the tax rates remain the same. More important, as businesses in New Yor City flee the high tax rates -- and they surely will --Connecticut becomes a favored destination if it can hold the line on taxes. this will also greatly expand the tax base in CT.

It is important to remember the days in the '60s and '79s when New York raised taxes even higher than they are now. Hundreds of businesses left New York and mover to Connecticut. The prosperity of the City of Stamford is directly linked to this movement. In the early 60's, Stamford was a run down, gritty city that could easily have failed. Instead, the City made room for new businesses and encouraged development, and the low tax rate did the rest. Another move like that now would go a long way towards guaranteeing the economic prosperity of Connecticut for years to come.