Let the games begin! General Electric is considering offers from other states, including New York, to move its Fairfield headquarters and other jobs out of Connecticut. Gov. Dannel P. Malloy says he’s been in talks with GE about staying. Either way it comes out, GE wins and we lose.
Let’s start with the obvious: losing GE and the high-paying jobs at its headquarters would be, if not an utter calamity, fairly bad for Connecticut. The town of Fairfield would feel the loss sharply, as would Plainville if GE’s new manufacturing center there also departed. The sort of jobs and income GE represents are very hard to come by, and it’s not likely they’d be replaced easily or quickly.
And there is, as a Courant editorial because Connecticut implemented what’s called unitary reporting for tax income as well as a wide range of tax hikes in its latest budget. Any bid to keep them here would likely involve rolling some of that back or building some exclusions in at the very least.
This sounds familiar. There’s a lot of competition between states and cities for the increasingly scarce kinds of jobs GE represents, and companies like GE, Aetna, and others are well aware of it. That’s part of the reason why GE only pays a miserly $250 in state taxes right now, and it’s why Gov. Malloy was willing to throw millions at established large companies like ESPN, NBC, and CIGNA as part of his “