Raytheon and United Technologies are merging. The new corporate headquarters will be in Boston. That means UTC will be leaving its long time home in Connecticut. Media reports are focused on the fact that UTC is keeping some 20,000 jobs in CT. That's good, but the real news is that the highest paid executives are all departing for Massachusetts. That will take away a big chunk of state income tax revenues each year. There will also be the loss of all those supporting jobs, like attorneys and accountants, who service UTC in CT. The focus should not be on relief that many jobs are staying, but rather on upset at all those that are going.
It's appropriate that this merger is announced at the same time that the new state budget has been passed in Hartford. Once again, the Democrats cut nothing. Spending is increasing even though for the past few years revenue has failed to cover expenses. As a result, taxes are going up once again, and the focus is on taxing those who can least afford it. Sales taxes will now be collected on a batch of new items. By themselves, the new taxes are not terrible, but couple them with the complete lack of any effort to cut wasteful spending and the future is bleak.
It's too bad. Connecticut's people deserve better.
It's appropriate that this merger is announced at the same time that the new state budget has been passed in Hartford. Once again, the Democrats cut nothing. Spending is increasing even though for the past few years revenue has failed to cover expenses. As a result, taxes are going up once again, and the focus is on taxing those who can least afford it. Sales taxes will now be collected on a batch of new items. By themselves, the new taxes are not terrible, but couple them with the complete lack of any effort to cut wasteful spending and the future is bleak.
It's too bad. Connecticut's people deserve better.
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