[Mike 75]

This is very interesting. Outside the box thinking? In CT? Who would have thought?
https://www.ctpost.com/business/danh...e-13832414.php
Devils in the details though. It wasn't clear from the article, but my takeaway is that this tax would paid by the employer at 5% of the salary (thereby reducing your pay by 5%) but that you would be taxed at the federal level at the 5% smaller number, thereby paying less fed income tax. And due to fed tax rates being higher, you end up paying less taxes overall.

[MrGompers]

Originally Posted by Mike 75

This is very interesting. Outside the box thinking? In CT? Who would have thought?
https://www.ctpost.com/business/danh...e-13832414.php
Devils in the details though. It wasn't clear from the article, but my takeaway is that this tax would paid by the employer at 5% of the salary (thereby reducing your pay by 5%) but that you would be taxed at the federal level at the 5% smaller number, thereby paying less fed income tax. And due to fed tax rates being higher, you end up paying less taxes overall.

Interesting idea, but ideas that are complicated are usually bad. I also think its unwise to make major tax changes until after the 2020 presidential election. I think the next President especially if a Democrat will unwind all the tax changes Trump made.

[Mr_250]

Originally Posted by Mike 75

This is very interesting. Outside the box thinking? In CT? Who would have thought?
https://www.ctpost.com/business/danh...e-13832414.php
Devils in the details though. It wasn't clear from the article, but my takeaway is that this tax would paid by the employer at 5% of the salary (thereby reducing your pay by 5%) but that you would be taxed at the federal level at the 5% smaller number, thereby paying less fed income tax. And due to fed tax rates being higher, you end up paying less taxes overall.

Someone is going to have to explain this to me...

All I see is “we are going to get a 5% pay cut”. So, if I make 60k/year this will take 3k off my income per year and reduce my federal income I pay?

Bottom line, will my paycheck change?

[JGBigGreen]

Haven’t read the article but it seems like you’d also lose out on employer retirement contributions in some cases. If you are paid a percentage of your income towards a 401(k) isn’t that contribution going to be lower if you take, say, a $5k pay cut? With compounded interest over 20-30 years wouldn’t the lost retirement contributions far outweigh any supposed tax savings year to year? Maybe the article addresses that aspect?

[BobNJ1960]

Originally Posted by beerbeer

Jay, you confuse the advantages that Connecticut has by inertia with the current political disadvantages thrust 0n the state every day. Connecticut had a very strong economy thought the previous century. The companies that are here are not because of anything done in the last 50 years. The currency crop of politicians is simply eating away at the bounty of the past. The state badly lags the current economic boom enjoyed by the rest of the country. Time for them to wake up.



https://www.cbia.com/news/economy/tr...rowth-numbers/


First, the final 2018 numbers were revised down nearly 50% from the initial forecast of 19,900 new jobs to a modest 10,000 gain.
And today's release of the February employment report reveals a terrible start to 2019, with January's initially reported 1,000 job gain revised down to a 2,500 job loss, with a further 400 positions lost last month.
CBIA president and CEO Joe Brennan said that pair of troubling reports should sound an urgent call to state lawmakers, with the 2,900 lost jobs since December all in the private sector.

"We've had some very troubling job numbers over the last two weeks," Brennan said.

"These numbers confirm that Connecticut is still mired in low economic growth and job creation, well below the national average and much of the New England region."

Great post. Spot On.

Our state is like the 2nd or 3rd gen spoiled brats running, into the ground, family businesses the first gen diligently built.

There is no acceptable reason for us to come up last on job recovery % of Great Recession losses. There is no acceptable reason for us to rank Bottom 5, year in, year out, State Business climate. These are not KPI ranks to be proud of, nor to say to pols who bring them about "Great job".

[MrGompers]

Originally Posted by JGBigGreen

Haven’t read the article but it seems like you’d also lose out on employer retirement contributions in some cases. If you are paid a percentage of your income towards a 401(k) isn’t that contribution going to be lower if you take, say, a $5k pay cut? With compounded interest over 20-30 years wouldn’t the lost retirement contributions far outweigh any supposed tax savings year to year? Maybe the article addresses that aspect?

I read it and I think what you wrote is true, but it doesn't spell this out. I also think a person would lose social security benefits too because they and the employer would be paying on 5% less income.

[JayCT]

Originally Posted by beerbeer

Jay, you confuse the advantages that Connecticut has by inertia with the current political disadvantages thrust 0n the state every day. Connecticut had a very strong economy thought the previous century. The companies that are here are not because of anything done in the last 50 years. The currency crop of politicians is simply eating away at the bounty of the past. The state badly lags the current economic boom enjoyed by the rest of the country. Time for them to wake up.



https://www.cbia.com/news/economy/tr...rowth-numbers/


First, the final 2018 numbers were revised down nearly 50% from the initial forecast of 19,900 new jobs to a modest 10,000 gain.
And today's release of the February employment report reveals a terrible start to 2019, with January's initially reported 1,000 job gain revised down to a 2,500 job loss, with a further 400 positions lost last month.
CBIA president and CEO Joe Brennan said that pair of troubling reports should sound an urgent call to state lawmakers, with the 2,900 lost jobs since December all in the private sector.

"We've had some very troubling job numbers over the last two weeks," Brennan said.

"These numbers confirm that Connecticut is still mired in low economic growth and job creation, well below the national average and much of the New England region."

I am confusing nothing. You seem to forget that 50 years ago our state was heavily reliant on manufacturing and a lot of those factories, like many across the country, were closing at a dramatic rate. People back then were crying the same way, saying our state was doomed and yet here we are still among the very highest of median income and what by any measure is virtually full employment. What is wrong with that?

And the CBIA is hardly an objective source for anything. They very clearly have their agenda so I would take what they say with a grain of salt. Jay

[BobNJ1960]

CBIA's agenda is simply the Business agenda we desperately need.

15% FFC works in NYC. Far more than 50 years ago, as Bridgeport west to almost Norwalk never replaced those empty factories with meaningful jobs in other industries at State median wage levels..

Bass Pro Shops is hardly paying Ct median wages. Milford's largest employer in aggregate, is the Mall. Hardly at state median wages. It was BIC when I was growing up and our mayor then said it ould be reused when the plant closed (BIC site). It has yet to be, over a decade later.

[Stylo]

Our town just launched a site to help attract visitors and residents. Very nice job. I always say this state is not great at PR. The CT Tourism campaign was underwhelming. If a small city can do this, the state can do so much more.

Discover Milford, Connecticut - A coastal village prime for work, life, and play.

[JayCT]

Originally Posted by BobNJ1960

CBIA's agenda is simply the Business agenda we desperately need.

15% FFC works in NYC. Far more than 50 years ago, as Bridgeport west to almost Norwalk never replaced those empty factories with meaningful jobs in other industries at State median wage levels..

Bass Pro Shops is hardly paying Ct median wages. Milford's largest employer in aggregate, is the Mall. Hardly at state median wages. It was BIC when I was growing up and our mayor then said it ould be reused when the plant closed (BIC site). It has yet to be, over a decade later.

Desperate??? You must be kidding. By whose unbiased definition? A business organization whose job it is to promote business above everything else? Hardly objective.

The loss of manufacturing here is no different than what occurred in other states across the country. Factories moved overseas following cheap labor.

As for Milford, the Connecticut Post Mall is only the largest employer if you add all of the individual stores, restaurants and venues located there together. And I would say that has been pretty much true since the day the mall was built almost 60 years ago. The fact that the mall has grown significantly since then only proves that the city’s economy is stronger now then it was back then. Otherwise the mall would have not been expanded multiple times or even closed.

According to CERC, Milford has over 28,000 jobs in more than 2,000 businesses. I doubt the city had anywhere near that 50 years ago. If you look at the true largest employers in town you have Servicom, Schick, Doctors Associates (which is the parent of Subway Restaurants), Milford Hospital and Subway. Schick has been in town for literally decades. Milford Hospital too. Doctors combined with Subway would clearly be the largest employer. The only reason Bic is no longer on the list is because they moved their offices to nearby Shelton where it is now one of the largest employers. Again hardly a desperate situation by any stretch. Jay