Connecticut seems determined to follow the Illinois path into a death spiral of higher taxes driving out business, leading to less revenue and the need to raise taxes on the remaining businesses unable to flee.  The Democrat governor and legislature, who ran in 2014 on a promise of no new taxes, have just introduced a large tax increase, including a suicidal attempt to drive corporate headquarters out of the state.  The Wall Street Journal’s Review and Outlook column explains: The blue-state paragon’s two-year budget of $40.3 billion includes a $1.5 billion net increase in taxes and fees. The top marginal individual tax rate rises to 6.99% from 6.7%. But the biggest blow is making permanent a 20% surtax on a company’s annual tax liability—a tax on a tax—and for the first time taxing Connecticut companies on their world-wide income, rather than what they earn in the state. General Electric , long a Connecticut fixture, protested that the...(Read Full Post)