The president and CEO of Stamford-based Pitney Bowes is advocating federal tax reform as a strategy to bring jobs and revenue back into Connecticut.
In an op-ed published in the Hartford Courant, Marc C. Lautenbach noted it has been “more than 30 years since the last major overhaul of the U.S. tax system under President Ronald Reagan,” and complained that today”™s U.S. corporate tax rate was the highest among developed nations. Lautenbach called for a reduced tax rate and a territorial tax system to encourage U.S. companies to invest in the country and not shift their operations or profits overseas.
Lautenbach also cited unnamed sources that reportedly determined how this brand of tax reform would benefit Connecticut.
“Studies show that pro-growth tax reform plans that lower rates and tax income where it is earned add jobs and increase after tax income,” he wrote. “Experts have found that one tax proposal would add an estimated 19,696 jobs in Connecticut and result in $6,341 more in after tax income for the median household in Connecticut. These are meaningful amounts and can improve the quality of life for Connecticut citizens and strengthen our economy.”
Lautenbach added that the Connecticut state government should work in conjunction with federal efforts to improve the local economy.
“If federal tax reform will create over 19,000 new jobs and more income for our fellow citizens, a state budget based on structural changes and a more efficient and effective government would be an important accelerator to growth here,” he wrote.
