Hartford Business Journal

24 Hartford Business Journal • November 16, 2020 • www.HartfordBusiness.com OPINION & COMMENTARY EDITOR'S TAKE CT Dems don't have a mandate for more taxes D emocrats made further gains in the state legislature Nov. 3, as Connecticut voters repudiated President Donald Trump and punished state Republicans in the process. With commanding majorities in the state Senate and House, Democrats can impose their will on Connecticut residents and businesses starting in January, when a long and important legislative session begins. But they shouldn't take their most recent victory as a mandate to push further to the left, especially on tax and economic policies. Connecticut's economy remains in rough shape amid the COVID-19 pandemic. Things likely aren't getting better anytime soon as we head into a cold and dark winter with the virus ramping up. Yet, the state has a unique opportunity to continue recruiting new businesses and wealthy residents from New York City, a trend we've seen in recent months as people flee to the suburbs from more densely populated cities that have been hit hard by the pandemic. Need some proof that's a real trend? In October, RE/MAX named Greater Hartford one of the hottest residential real estate markets in the nation, behind only San Francisco and Billings, Montana. I'm not sure this is a long-term trend, but Connecticut has a chance to showcase itself as a pro-growth and pro-business state. All eyes will be on Democratic leadership in January. And the main focus should be on controlling the pandemic, preparing for the rollout of a vac- cine, balancing the budget and figuring out how to boost the economy. Tax increases, something liberal Democrats will undoubtedly push for as Connecticut faces budget deficits in the years ahead, should be off the table as they threaten to thwart economic-growth opportunities — and poten- tially scare away Empire State residents. Gov. Ned Lamont, who is now on the re-election clock as he heads into his third year in office, has already set a positive tone, saying he would oppose any attempts to raise taxes next year, even on high earners. He said he's banking on extra federal support from a Biden administration to help balance the budget. Connecticut also has a $3.1-billion rainy day fund it can tap to balance what's estimated to be a $1.3-billion deficit, a shortfall that's 40% smaller than what it was a few months ago, thanks to surging tax receipts. Democrats will be led in the House by first-time Speaker Matt Ritter of Hartford. The Shipman & Goodwin lawyer plays more to the center of his party but he will face pressure from liberal Democrats, one of whom has already called for government-sponsored health care. Two issues likely to garner a lot of attention are sports betting and recre- ational marijuana legalization. At this point, these are industries Connecticut should allow, closely regu- late and tax (no, I don't consider this a tax increase). To me, sports betting is a no-brainer, particularly when we already have two of the largest casinos in North America. I see very little distinction between betting on black or red vs. the Dallas Cowboys or New York Giants (for the record, I wouldn't bet on either of those teams right now). However, I understand the complications associated with determining who runs (and benefits from) the industry, with Foxwoods and Mohegan Sun claiming exclusive rights as part of their gaming pact with the state. We'll see if Ritter can hammer out an agreement. I've been opposed to recreational marijuana in the past, and still am no fan, but with five more states legalizing it during the recent election cycle, the industry is clearly budding around the country. It will eventually wash up on Connecticut's shores so I don't see much upside in waiting any longer. OTHER VOICES Business leaders must address health disparities, racial inequality in CT By Joe Gianni D espite ranking as one of the healthiest states in the country, Connecticut's predominantly Black and Hispanic-Latino communities continue to experience major health disparities, as revealed by recent data from the Connecticut Health Foundation. This disconnect became even more apparent when the state's Black and Hispanic-Latino resi- dents were found to be three more times likely to test positive for the coro- navirus than white resi- dents. As our most vulnerable populations continue to be disproportionately impacted by the current health crisis, it is our responsibility as community mem- bers and business leaders to take action against these inequalities. At Bank of America, we are deeply committed to enriching and supporting the local communities we serve, which is why we recently awarded grants totaling $300,000 to support Hartford Hospital, St. Francis Hospital and Medical Cen- ter and Connecticut Children's. As coronavirus concerns persist, we must begin to correct the health- care discrepancies that existed long before the current health crisis — starting right here in Hartford. To address these issues locally, Bank of America funding will go to Hartford Hospital's Medical-Legal Partnership Program, to improve the health and welfare of low-in- come families and children. At St. Francis Hospital and Medical Center, our support will be directed toward the Social Care HUB: Addressing Social Determi- nants of Health and Advancing Racial Equity. For Connecticut Children's, support will go to its Transitions Clinic, which works with health- care providers across the state to help patients receive behavioral health treatment. These partnerships will support the creation of new opportunities for people and communities of color through a lens of racial equity. Our work is just beginning, and as racial inequities and health dis- parities remain in our communities, we need to acknowledge the signifi- cant changes that will be required to achieve and sustain progress. In pursuit of this mission, Bank of America recently committed $1 billion to help drive economic opportunity, healthcare initiatives and racial equality. None of us can sit on the side- lines as the health crisis persists and disparities intensify. We each have a role — as individ- uals, families, community members and business leaders — in address- ing racial inequities; but it is also more important now than ever for companies across all industries to join the effort in support of a better world for all — regardless of race or economic standing. Joe Gianni is the Hartford market president for Bank of America. Joe Gianni Greg Bordonaro, Editor

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