|
Komfie Manalo, Opalesque Asia: The decision by Dannel Malloy, Connecticut’s first Democratic governor in two decades, to hike taxes in 2011 with the aim of raising income has failed to stabilize the state’s economy despite being home to at least 300 hedge fund firms.
Indeed, three years since the announcement, Connecticut ranks in the bottom 10 and is trailing New York and Massachusetts in terms of growth in jobs, personal income and home prices, according to a report by Bloomberg.
Four months after becoming governor, Malloy signed a budget that raised taxes by a record amount. He vowed the revenue would stabilize a reeling economy. "It’s a tough vote -- it’s also the right vote," Malloy said in May 2011. "The budget is balanced, honest and contains none of the gimmicks that helped get us into this mess."
More than three years later, the wealthiest U.S. state, home to as many as 300 hedge funds, is still struggling to rebound from the recession that ended in 2009.
Tom McLoughlin, head of muni fixed-income in New York at UBS Wealth Management Americas, with an estimated $1tln in assets, was quoted as saying, "Connecticut’s financial position is much weaker than people realize. The pension-funding ratio is...................... To view our full article Click here
|
RSS
