GE raps Connecticut budget proposing spending, tax increases

General Electric logo (image: Shutterstock)

FAIRFIELD, Conn. (AP) — General Electric Co. has taken the rare step of criticizing a state budget proposal that boosts spending and taxes and questions whether businesses and individuals should stay in Connecticut.

The industrial conglomerate that posted revenue of $148.59 billion in 2014 said in a statement on its website Monday that the proposed tax increase is “truly discouraging.”

The Fairfield-based company, which employs 5,700 in Connecticut, says retroactively raising taxes makes businesses and residents “seriously consider whether it makes any sense” to stay.

It says other states offer more opportunities and a better environment for business growth.

Legislators are scheduled to vote Monday on the $40 billion two-year proposal that includes tax increases for high net-worth individuals and certain business activities.

Business groups have criticized the budget as damaging Connecticut’s ability to compete.
Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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