Connecticut’s Dan Malloy Named One of the Most Fiscally Irresponsible Governors in America

Connecticut’s Failed Democrat Governor Dan Malloy was named one of the most fiscally irresponsible governors in America, according to a new report by The Cato Institute.

The Fiscal Policy Report Card on America’s Governors 2016  awarded an “F” to Governor Malloy for his continued job-killing, anti-business tax increases and large budget deficit.

From The Cato Institute:

“Governor Dan Malloy received poor grades on prior Cato report cards due mainly to his enormous tax increases. In 2011 Governor Malloy raised taxes by $1.8 billion annually, which increased total annual state tax collections by 14 percent. Malloy received an F on this report for his continued support of large tax increases. In 2015 he signed legislation increasing taxes more than $900 million annually. He increased the top individual income tax rate from 6.7 percent to 6.99 percent, and he extended a corporate income tax surcharge of 20 percent. He increased the cigarette tax by 50 cents per pack and broadened the bases of the sales tax and income tax. He also increased health provider taxes and other taxes and fees. Despite all the tax increases, Connecticut still faced a large budget gap in 2016 because spending keeps rising and growth is sluggish. Connecticut’s economy has lagged the national economy, and the state’s fiscal future is very troubled. It has some of the highest debt and unfunded retirement liabilities of any state on a per capita basis, as discussed above. While neighboring New York has cut business taxes in recent years, Connecticut has raised them. In 2016 General Electric made headlines by moving its headquarters from Connecticut to Massachusetts. In 2015 GE head Jeffrey Immelt sent a letter to his employees saying that the company was looking to relocate “to another state with a more pro-business environment.”53 GE announced in 2016 that it was moving to Boston, after being headquartered in Connecticut for more than 40 years.”