More Bad Tax News In Democrat Connecticut For Connecticut Taxpayers: Senate Bill No. 999

The news is never good when it comes to taxes and tax policy in Connecticut.  King Ned Lamont The Unaccountable and his Omnipotent ruling Democrat Party are now backing much higher property taxes for Connecticut residents through Senate Bill No. 999, "AN ACT INCREASING THE UNIFORM ASSESSMENT RATE FOR PROPERTY TAX".  This bill would increase the state-wide assessment ratio on property from 70% to 75%, effective with the assessment year commencing on October 1, 2023.  This proposed change will produce immediate tax increases in municipalities across the state by a large amount.

As it stands, Connecticut already has some of the highest property tax mill rates in the country.  In economic terms, this increase in valuation from 70% to 75% allows for municipalities to further increase their tax bases and their tax revenues. Raising property valuations by 5% increases property taxes by 14%, thus ratcheting Connecticut into being one of the top five highest property taxed states in the country in addition to being one of the worst five economically.

It is apparent that the excessive state and local tax burden in Connecticut is already driving out citizens and businesses from the state. Once can also argue successfully that these same high taxes have contributed to Connecticut's poor economic performance for many years now and has kept the state in a virtual, perpetual economic recession with little chance or change for economic growth.  One can also argue successfully that it is economically insane for the state to assess more high taxes and then turn around and give more Connecticut Taxpayer paid for-tax based, economic tax credit incentives, zero percent "sweetheart" loans with sickeningly low interest rates often leading to complete loan forgiveness, and to provide more unjustified giveaways to businesses and individuals for moving their businesses to the state with a false promise of expanding them.  This happened quite frequently with the integrity-bereft Lamont Administration channeling monies to Lamont family hedge fund and related companies such as Sema-4, UNITE US, and Vestwell. 

The Connecticut Department of Economic and Community Development ("DECD"), under the guise of secrecy, is the seeming arbiter of the winners and losers in Connecticut's economy.  DECD  does this through bulbous Connecticut Taxpayer-funded tax breaks that have been given with little to no oversight nor ramifications for both the lack of disclosure on their secret "deals" as for the loans and other aspects of the agreements. This situation becomes frighteningly clear when the businesses fail (and/or) move out of the state, most recently seen in the Lamont-based carpetbagging masterpiece known as Sema-4. 

As we have seen in this 2023 legislative session, the Connecticut Democrat Party can not tax Connecticut Taxpayers enough to pay for their socialistic agenda of political nepotism, the taking of personal freedoms, the stripping of personal wealth of the working middle class, the embracing of crime and criminals rights over the rule of law, a total disregard of the state constitution and the brainwashing of the state's young people.  The daily gibberish force fed Connecticut Taxpayer's through a state run media along with the lack of transparency in Ned Lamont's state government should scare both sides of the political aisle along with anyone having a pulse.  Yet it is embraced and rewarded through the corrupted political game called state government.

Higher taxes through this new Senate Bill No. 999 along with the all the other new and higher taxes on energy and other items will all help to cement Connecticut's economic failure for the rest of the decade.  Another lost economic decade is on tap as has been the case in the 90's, 00's, and 10's.  Connecticut still has a mere $150 billion dollars in short and long term debt along with unfunded liabilities that is ignored since those elected officials and state employees who helped to create this nightmare will be long gone out of Connecticut, fleeing to low taxed Republican governed states, when the real economic crisis of bankruptcy falls upon the state in several years.  The state's spending and debt is not sustainable.  Cutting taxes, cutting the waste and fraud in state government is never an option, nor is it ever discussed by the ruling class.  The economic end game of one of the highest taxed states in the country will help to create its bitter and horrific collapse. And we are again at a point in history, both socially and economically, that it is 1776 all over again. 

More Connecticut Taxpayer Cryptocurrency Losses

 Cryptocurrency is unique.  From my view as an economist it is illogical to me.  Because why would I want to take my dollars and or Euros and convert them into an unknown virtual currency that is secured only by cryptography. This is what cryptocurrency really is.  It has no backing by any government, and has no oversight by any governing agencies.  It is unique in its difficulty to understand, and when you cash in cryptocurrency you apparently get your American dollars and or Euros back.  And you can just as easily lose money in your investment.  Just ask the Connecticut Taxpayer.   Because the taxpayer seems to have lost a great deal of money with Democrat Governor Ned Lamont's "unique" job creating indirect investment into the now bankrupt cryptocurrency giant, FTX.  How so? You may have read along the way that The State of Connecticut was very generous with Connecticut taxpayers monies by pledging $5 million dollars to Digital Currency Group ("DCG") to fictionally "move and grow" 300 jobs to Stamford, CT.  DCG now has had a great deal of its capital worth diminished to the implosion of FTX and its investments therein.  To further thicken the plot, the Lamont family Hedge Fund (Oak HC/FT) was an admitted "early investor" in Digital Currency Group  but Lamont maintains they divested of the investment before this sweetheart deal took place, even after trade-source verified multi-million dollar investments were uncovered by this fund, immediately after the election in November.  It is another episode of perfect timing for the Lamont family and the Connecticut Democrat Party. 

Once again in his weekly segment on the Lee Elci show on WJJF 94.9 this past Tuesday 1/24/23, Tony De Angelo has uncovered even more stunning Lamont connections to cryptocurrency.   The latest scandal again involves an even more complex connection between the the Lamont family Hedge Fund ("Oak HC/FT"), DCG, and its Genesis subsidiary's unregulated "Crypto" lending bank known as "Gemini Earn".  This lending bank is the latest casualty in the industry contagion caused by the collapse of FTX and a devastating blow to a business once at the heart of Barry Silbert’s DCG.  The company listed over 100,000 creditors in a massive  bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents.  How much money will Connecticut Taxpayers lose due to this bankruptcy?  Apparently, new and extremely questionable investments by Oak HC/FT were made right before the bankruptcy of Genesis in a major capital infusion of $25 million dollars to the bankrupted DCG on December 1, per reliable industry sources.  This happened one day after withdrawals were stopped from the Genesis "Crypto Bank" by DCG. Isn't limiting a depositor while using cash to benefit others a violation of what securities laws are supposed to be for?  Why was this done and how is this legal according to my limited understanding of SEC and banking laws?  Is there not a grave conflict of interest with a Democrat Governor who earned $54 million dollars in income (of which no one is allowed to see its source) having his family's hedge invest in companies that received Connecticut Taxpayer funding, especially at the onset of a bankruptcy?  

There is a huge ostensible disconnect in our political system.  Connecticut is a good example of the disconnect and reveals a gaping lack of transparency and any credibility in state government especially when looking at the finances of Democrat Governor Ned Lamont.  Connecticut taxpayers still have no clue how he made a mere $54 million dollars in income as Governor.  I truly wonder how much was made from companies that Connecticut Taxpayers were forced to invest in that are owned by his family's hedge fund?  I wonder how much was made by his investments in cryptocurrency during this FTX/Digital Currency debacle.  I also wonder how much money Connecticut Taxpayers have lost by investments made both in public and in secret by the Connecticut Department of Economic Community Development ("DECD"), Why isn't this information made public in a state as small as Connecticut that has over $150 billion dollars in short and long term debt along with unfunded liabilities? Why does no known political figure whatsoever call for dissolving DECD? In my opinion DECD is just as corrupt as Governor Ned Lamont, and should be shut down.   

The seeds of economic discontent are constantly sown for Connecticut taxpayers who must shoulder the economic burden of this political corruption that is a given daily event.  Think about your hard earned tax dollars being given free of charge to the DCG and others like SEMA4 and the infamous "First Five" that will never be seen again.  Think about the continuing silence from Connecticut's state run media on these dealings.  And yet think about how true the truths of 1776 resonate louder than ever in Connecticut at this time with all of its filth, waste and deception that is proudly called state government. 

Where Are The Answers to Sema4 And Ned Lamont? Connecticut Taxpayers Would Like To Know

 Connecticut state government is a complex instrument that spends enormous amounts of Connecticut Taxpayers monies especially for a state as small as Connecticut.  An average citizen has a difficult time trying to see and understand how and where their monies get spent by our government.  To me, it is meant to be complex and confusing on purpose so that average citizens can not question government officials especially when transactions look suspicious and deceptive.  An example is the continuing saga of Sema4, Mount Sinai Genomics and their ties to Ned Lamont's family hedge fund, no bid state contracts for Covid-19 testing, no-bid Genomics testing and a $15 million dollar 2% interest only sweetheart loan made to them by the Connecticut Department of Economic and Community Development.  My good friend Tony De Angelo on his weekly segment on the Lee Elci radio show on 94.9 WJJF New London, CT has been talking about these payments for over two years now and I have written about them on several occasions. 

With respect to the above, known to just a few is a Third Amendment to a state support agreement signed on April 14, 2021, between the State, the Connecticut Department of Economic and Community Development and Mount Sinai Genomics/Sema 4 amending the original support agreement made between these parties back in 2018.  In the 2018 original agreement, Mount Sinai Genomics guaranteed payment of $9.5 million of the $15,000,000 state funded loan to Sema4.  However, this Third Amendment releases Mount Sinai Genomics from the loan and its payment, leaving faltering Sema4 to pay its own debts, and if that does not work, the loan then becomes a casualty to taxpayers.  In case you have not been following in the news Sema4 is shutting down all operations in Connecticut, laying 250 employees off and moving now to Maryland in a huge "pump and dump" disappearing act well-known to Connecticut Taxpayers  What becomes even more hard to understand for common citizens is the relationship of Mount Sinai Genomics/Sema4 to Ned Lamont's family hedge fund, their investments in the company and profits they have earned.  And an even more troubling question is what is being done from the forced Genomics testing that they did on Connecticut citizens: why do they own this data, for what purpose and at what profit to the company?  But for Tony De Angelo wrestling these documents from the Connecticut Department of Health, no citizen would ever know this despicable practice had even occurred.

Is this a conflict of interest for Ned Lamont's family hedge fund, Mount Sinai Genomics/Sema4, the Connecticut Department of Economic and Community Development that a Governor in office can allow this type of agreement to be in effect and apparently loans can be forgiven while profits are made all during a "crisis" that still seems to be in effect in the state two years later?  Is this a conflict of interest for Ned Lamont's family hedge fund, Mount Sinai Genomics/Sema4, the Connecticut Department of Economic and Community Development that a Governor in office can allow Sema4 to shut down and move out of the state, and in essence default legally on its loan?  Is this a conflict of interest for Ned Lamont's family hedge fund, Mount Sinai Genomics/Sema4, the Connecticut Department of Economic and Community Development that a Governor in office can allow all of these agreements to be shrouded in secrecy and only be extricated by legal pressure?  

For two years the Ned Lamont and Connecticut Democrat Party Covid-19 crisis and debacle continues.  Apparently many questions go unanswered daily on this issue and many others that cost Connecticut Taxpayers millions upon millions of dollars.  Connecticut still has $150 billion dollars in short and long term debt and unfunded liabilities.  It is an economically bereft state with high taxes, poor infrastructure, economically incoherent state union labor agreements, high crime, theft and murders, rampant illegal drug trafficking and drug abuse, and a lack of ethics spewing out of its Governor's office.  This issue needs to be resolved and Connecticut Taxpayers need an answer now.  All state no bid Covid-19 contracts between Ned Lamont's family hedge fund companies and the state need to be reviewed and made public.  What is happening is an excellent example of how our state government has failed its citizens.  It can not be made to look like it is ethical because it is not and never was.  Connecticut taxpayers have been lied to since Ned Lamont took office.  Where are the answers?  Many want to know. 

And it is 1776 all over again.

What's Another $41.2 Million Dollars To Connecticut Taxpayers

Connecticut Taxpayers were beaten up again this week. The Yankee Institute for Public Policy reported on two massive losses for Connecticut Taxpayers which added up to $41.2 million dollars in lost money.
First was a state audit that found the problematic Department of Economic and Community Development forgave or modified state loans to companies totaling $23.6 million and awarding $16 million in excess assistance through the ill fated First Five Plus program.  There seems to be a constant theme in the Department of Economic and Community Development of a lack of oversight, whistle blower complaints and most importantly a massive waste of Connecticut Taxpayers monies in trying to create a handful of what seems to be jobs that are non existent and or politically connected.  Why this Department still operates is beyond me.
The second waste of Connecticut Taxpayers monies occurred when the Department of Corrections in an audited example of 678 cases by 10 employees that they did not have 659 out of 678 approved union leave forms on file, accounting for 5,164 hours of paid time off.  For two employees the result was in 230 and 404 days of consecutive leave in each case.  The total waste to Connecticut Taxpayers was a mere $2.2 million dollars.  Apparently the Department of Corrections does not wish to follow rules and laws in granting this union leave. 
These two audited examples account for a mere $41.2 million dollars in wasted monies.  And I will continue to remind you that Connecticut has $140 billion dollars worth of short and long term debt along with unfunded liabilities that is ignored on a daily basis by the Connecticut Democrat Party.  It seems to follow a very familiar pattern here in Connecticut state unions are given anything they want disregarding rules and laws while political connected corporate welfare marches on unabated and unchecked.
Thus Connecticut Taxpayers monies continue to be wasted.  State audits and auditors are ignored.  Laws and rules governing state agencies are ignored.  The waste seems to be endless in our state government.  And the lack of respect shown to Connecticut Taxpayers by the Connecticut Democrat Party continues. 
Here is a thought.  The $41.2 million dollars is probably a small portion of the massive amount of waste that occurs daily in state government.  The $41.2 million dollars that was wasted in these two examples could have fixed and repaired a great deal of our roads and bridges in the state (without tolls). 
How much waste of Connecticut Taxpayers monies is taking place on a daily basis?  $1 billion dollars a year?  $2 billion dollars a year?  Pick a number?  Who knows?  A full forensic audit of our entire state government is needed immediately. 
We do know that the Connecticut Democrat Party does seem to care nor worry about laws or audits in the state when it comes to accounting for Connecticut Taxpayers monies.  The waste continues day in and day out, year in and year out.  It is never ending.

Connecticut's Shrinking Economy: Now #49 Out Of 50 States.

It seems that there is constant news about how poor Connecticut's economy is and how it has not recovered since the last recession.  Recessions come in cycles.  The last recession was in 2008 and since that time Connecticut according to United States Bureau of Economic Analysis has only regained roughly 80% of the jobs it has lost while the country as a whole has more than doubled the jobs it has lost since then.  Connecticut now ranks #49 out of 50 states in economic growth dropping from #32 in 2016.  Connecticut's economy has shrunk to its lowest levels since 2004 a regression of enormous proportions.  This means that Connecticut is losing both businesses and citizens at a rapid level.  It is also means that the eight years of the Democrat leadership of Governor Malloy and a Democrat led State House and Senate have failed miserably in their economic programs.  It also means that the eight years of the Democrat leadership of Governor Malloy and a Democrat led State House and Senate increased taxes and expanded tax programs have failed miserably.  The Democrats who are running for reelection are quick to blame the Weicker/Rowland/Rell administrations.  Some Democrats blame the minority Republicans in the House and Senate for not increasing taxes enough. 
Yet the past eight long years in Hartford should prove to any Connecticut voter how poorly managed the economy has been run by the Connecticut Democrat Party.  Yet the Democrats continue to deny that anything is wrong.  They continue to argue for new and higher taxes.  They continue to nurture their brand of political nepotism with tremendous salaries, benefits and pensions for both union and management state workers.  This is the record they are running on in 2018.  The state media continues to embrace their failed policies in their reporting of the upcoming election by focusing upon the supposed "faults" of the Republican candidates.  I read little about any "faults" of the Democrat candidates including their convicted felon who is running for Governor.
Thus 2018 remains a critical election in Connecticut's history.  It could be an election that the economically illiterate Connecticut Democrat Party loses their majorities in the House and Senate.  It could be an election that the state Republican party loses some of their RINOS and become somewhat more fiscally and socially conservative.   It could be an election that we have a Republican Governor elected.  There are a great deal of unknowns this November.  One thing that is known is that Connecticut's economy is in a downward spiral.  Connecticut's economy has not been helped through the giveaway of Connecticut Taxpayer's monies through the Department of Economic and Community Development.  We see now the misuse and lack of record keeping for jobs and loan repayments in this agency.  And we also see that nothing whatsoever is being done at Department of Economic and Community Development to rectify it.
Connecticut's economy is on life support.  Connecticut's economy is damaged and broken.  Connecticut's state government tax and spend policies are economically unsustainable.  They are the direct cause of why businesses and citizens are moving out of Connecticut daily for the past eight years.  Yet many of our elected officials just do not understand it.  And the ultra liberal wing of the Connecticut Democrat Party wants even more state spending and more taxes. 
Connecticut is an economic crisis created by years of Democrat Party rule which has increased taxes to unsustainable levels.  Connecticut can only be saved if it is willing to cut taxes and spending.  Connecticut's swamp really needs to be drained this November to survive.

Connecticut's Department of Economic and Community Development Failures

Connecticut has a massive amount of economic problems.  One of the biggest problems it has is its poor economic environment for business and industry.  A great deal of business and industry has moved out of the state since the state income tax was enacted. More businesses have moved out since Connecticut has one of the worse infrastructures in the country, highest workers compensation costs in the country, regressive anti business worker laws that include a high minimum wage along with ridiculous labor laws that in many cases entrap the remaining businesses in the state.  I will also point out that Connecticut also has one of the highest Unemployment Compensation taxes that it charges its businesses along with having one of the highest unemployment rates in the region at 4.5% compared to the national average of 3.9%.  Connecticut still has yet to come out of its recession if it is compared to the other New England states especially when looking at Massachusetts and its unemployment rate of 3.7%.
Connecticut has a Department of Economic and Community Development (DECD) that using taxpayer funded state bonds along with taxpayers monies budgeted to supposedly invest in existing Connecticut business and attract new businesses to the state to help create jobs and tax revenues.  If one examines the DECD public annual report they would shocked to see how much is being spent with in my opinion poor results as far as job creation.  Their annual report is one of the most complex pieces of economic literature that I have tried to read in a long time.  For Fiscal year 2016-17 the state allocated a mere $382,704,969.99 to their budget.  Some of the companies that have received credits and taxpayers monies include Bob's Furniture Stores, ESPN and Irish airline Aer Lingus.
In the last information I could find on the finances of Bob's Furniture Stores who is owned by Bain Capital (Bain manages $75 billion dollars worth of businesses worldwide) their sales were somewhere between $900,000,000 to $1,000,000,000 nationwide.  The DECD awarded Bob's a $11,000,000 Urban and Industrial site Reinvestment Tax Credit in 2016.  I can not figure out what type and or how many jobs may have been created for this $11,000,000.   Lowes Home Centers  have received $15,944,575 in credits since 2004.  ESPN (who is laying off many employees) has received $10,000,000. in credits since 2014. 
All of this data in credits can be obtained from the DECD annual report http://www.ct.gov/ecd/lib/ecd/decd_annual_report/decd_2017_annual_report.pdf
Thus we live in a state that no matter what cost per job is the state will pay it.  One could also argue that the state has wasted an enormous amount of taxpayer's monies paying out these amounts and it really has done little to stimulate Connecticut's economy.
This week brought news that Connecticut Taxpayers's will subsidize Irish airline Aer Lingus a mere $4.5 million dollars for flying out of Bradley Airport since their target passenger goals were not met according to their agreement with the state.  Irish airline Aer Lingus has revenues of $1.86 billion euros and saw a 15% increase in their profits by $269 million euros last year.
I wonder if there is any oversight to the failures of Connecticut's Department of Economic and Community Development.  For example the individuals who negotiated the Aer Lingus deal?  Why isn't Commissioner Catherine Smith held accountable for any of this?  After all she earned in salaries and fringe benefits in the last fiscal year $213,340.40.  according to the CT Transparency website.
Connecticut state government really does not get much right does it?  And as usual Connecticut Taxpayers pay the bill for this corporate welfare.  Remember that next time you watch ESPN, buy furniture at Bob's or fly Aer Lingus.