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Murphy: Cost is Primary Barrier to Businesses Coming to CT [VIDEOS]

Murphy, who was recently elected as Connecticut's newest senator, spoke about taxes, economic development, education and defense with Eastern Connecticut business leaders Tuesday morning.

 

Paul Pescatello, president and CEO of CT United for Research Excellence (CURE) described US Sen.-elect Chris Murphy this way: “He listens and he thinks,” referring to Murphy’s support of stem cell research initiatives.

And that was Pescatelllo’s segue to introduce Murphy to the audience at the Chamber of Commerce Eastern Connecticut business breakfast Tuesday morning in Norwich. And fitting anecdotally since Murphy would point to science and technology as areas the state must invest in in order to remain competitive and entice business to the state.

Investments

Agreeing with the policy, he said, of Gov. Dannel Malloy, the state must continue to employ a “laser-like focus” on developing science and technology as it invests as well on education and transportation, both issues eastern Connecticut is at once known for, he said, and finds itself addressing.

“There’s an incredible spine of education in eastern Connecticut,” Murphy said. He also pointed to transportation initiatives including high-speed rail, freight rail and commuter rail as being both “genius” and “something we must make a major investment in.”  

Defense spending and taxes

”I believe we’ll be able to protect a commitment to build two subs at EB,” Murphy said, adding  “and we’re well on our way to continuing to win major contacts for engines and helicopters.” But he said, “it makes me red in the face (when he sees) foreign defense contractors getting American defense contracts.” He vowed to continue to work to ensure American defense manufacturers “get those contracts.” 

Murphy said he was committed to “protect Connecticut’s defense (industry) and all the supply chain that follows; hundreds of Connecticut companies.”

On taxes, he opined that the tax code is “so complex that it basically puts the burden of paying business taxes on small and medium business” that don’t have the “accounting offices” to avoid paying taxes.  

Economic development

Murphy said the state’s “generally lacking in coherent economic development,” but applauded Malloy in “turning the corner” on economic development initiatives, especially biotech.  

“Cost is a primary barrier to business coming here,” he said. “We’ve got to get serious about that.”

Cliff Cuming December 12, 2012 at 02:12 PM
Connecticut has this problem too. We're next unless taxes are reduced, meaning we have to cut government spending. "More people moved out of California in 2011 than moved in, according to the latest report from the U.S. Census Bureau, signaling that the Democrat-run state’s economic woes continue to drive residents away. Most statisticians attribute California’s net loss of 100,000 people last year to its high cost of living, increased population density and troubling unemployment rate. The widening middle class in Mexico is also encouraging some immigrants to remain in that country instead of moving to California. Texas — home to lower taxes, less regulation and what the Manhattan Institute calls a “labor pool with the right skills at the right price” — is one of the most attractive destinations for companies departing from California, according to the Census Bureau."
meowkats4 December 12, 2012 at 05:03 PM
Aren't you sick of hearing from our Politicians and those that have been re-elected that our; tax code is “so complex that it basically puts the burden of paying business taxes on small and medium business” that don’t have the “accounting offices” to avoid paying taxes. Yet they continue to do not a darn thing about the "TAX CODES"
James Andersen December 12, 2012 at 08:14 PM
Does Mr. Murphy's definition of "cost" include income, property, franchise and excise taxes levied by the state of Connecticut?

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