HARTFORD: The CT Labor Department and the CT Department of Economic and Community Development. Issued this month's CT Economic Digest. The issue offers a special focus on Exporting from Connecticut, Connecticut Exports: 2016 in Review.
DECD’s Laura Jaworski. provides the overview on 2016 CT export activity, showing that CT's 2016 exports decreased 5.49% from 2015 ($15.24B to $14.4B) but that exports nationwide decreased in 2015 as well.
- Commodity exports are not noted in export figures, and since CT has a high concentration of insurance and financial exports, this could understate the actual figure.
- 5,717 companies exported from CT in 2014 - 89% were small and medium sized with fewer than 500 employees.
- CT was 27th nationally for exports.
- Since 2005, CT has been the 2nd highest exporter of the New England states – MA is the top exporter.
- Top 5 CT exports: Aircraft, spacecraft and parts; industrial machinery including computers; electric machinery, sound equipment, TV equipment; optic, photo, and medical and surgical instruments; and special classification provisions.
Labor Study: Businesses can pay more to preserve CT’s quality of life
HARTFORD: Connecticut businesses can afford — and should pay — higher taxes to support investments in education, health care and other priorities to grow the economy and preserve quality of life, a report sponsored by the state’s biggest labor group urged Wednesday.
The analysis prepared for the state AFL-CIO by the Center for Public Policy and Social Research — a policy think-tank at Central Connecticut State University in New Britain — also concluded Connecticut businesses enjoy some of the best economic advantages in the nation.
But the state’s chief business lobby countered that Connecticut lost jobs in 2016 while they grew in most of the rest of the nation, and this dangerous trend cannot be reversed if taxes are not stabilized.
Converstation with Nick Perna and Keith Phaneuf of CTmirror.
Nicholas S. Perna has been one of the most influential economists in Connecticut for more than three decades.
Retiring in January after 15 years as economic advisor to Webster Bank, Perna has been a consultant to numerous other leading financial institutions, including Fleet Financial Group and the Federal Reserve Bank of New York.
NEW YORK: The Ethisphere Institute has recognized eight southern New England corporations as among the most ethical in the world.
For eleven years the organization has selected using what it is explains as an “Ethics Quotient, a proprietary rating system that collects and objectively scores self-reported data in five weighted categories.”
According to the organization it “honored those companies who recognize their role in society to influence and drive positive change in the business community and societies around the world. These companies also consider the impact of their actions on their employees, investors, customers and other key stakeholders and leverage values and a culture of integrity as the underpinnings to the decisions they make each day.”
Washington, DC: With federal tax reform efforts seeking to lower the 35 percent tax rate on corporations, it's also worth remembering that most states also impose taxes that can push business tax marginal rates above 40 percent. New analysis from Tax Foundation Policy Analyst Morgan Scarboro shows the corporate tax brackets and tax rates for these states and the District of Columbia.
At 12 percent, Iowa has the highest top marginal rate in the country, followed by Pennsylvania (9.99 percent), Minnesota (9.8 percent), Alaska (9.4 percent), Connecticut (9 percent), New Jersey (9 percent), and D.C. (9 percent).
"Though often thought of as a major tax type, corporate income taxes account for just 5.4 percent of state tax collections and 2.7 percent of state general revenue," Scarboro writes.
For 2017, corporate tax rates in four states--Arizona, Indiana, New Mexico, and North Carolina--and D.C. will decline as part of recent tax reform legislation. Since 2008, 15 states have reduced their corporate tax rates, recognizing that the tax raises fairly little revenue but plays a bigger role in business location and expansion decisions.