Hartford Business Journal

HARTFORDBUSINESS.COM | September 26, 2022 9 On The Record | Q&A GOP gubernatorial candidate Bob Stefanowski addresses the delegates at the Republican convention at Foxwoods in May. YEHYUN KIM CTMIRROR.ORG Decision 2022 Critical of state's economic track record, Stefanowski says his focus is on making CT more affordable By Greg Bordonaro gbordonaro@hartfordbusiness.com G OP gubernatorial candidate Bob Stefanowksi is back this fall for a rematch with Gov. Ned Lamont. Unsurprisingly, while his Demo- cratic opponent paints an upbeat picture of the state's economy and business climate, Stefanowksi is much more critical of Lamont's economic track record. And he's attacking Lamont on several fronts, including his tax policy. Lamont has touted that he didn't raise tax rates during his first four years in office, but Stefanowksi points out that the governor did raise new revenues to balance an early $2 billion deficit, including by broadening the 6.35% sales tax and placing a 1% surcharge on prepared meals. Stefanowksi said he'd roll back those tax hikes and more. Stefanowksi said his main focus would be on making the state more affordable for businesses and indi- viduals, and getting more people back to work through workforce development efforts. On Sept. 20, he rolled out a $2 billion tax relief plan that would ease burdens on consumers, small businesses and those who pay property taxes, expand the state's fuel tax holiday and extend it through 2023, and bolster the cash-starved unemployment trust. The single-largest chunk of relief — about $800 million — would be aimed at motorists. Lamont and legislators have suspended the state's 25-cents-per- gallon retail gasoline tax since April. That fuel holiday is set to expire on Dec. 1. Stefanowski would reinstate that as soon as possible after potentially taking office on Jan. 4 and maintain the tax holiday through the 2023 calendar year. Stefanowski's plan also would suspend the entire diesel fuel tax. To counter rising property taxes, Stefanowski also proposed allowing families earning less than $400,000 per year — and singles earning less than $200,000 — to deduct up to $10,000 from their taxable state income to reflect municipal property taxes they've paid. Stefanowski projects this would save an estimated $350 million and would be worth roughly $600 annu- ally for many middle-class families. Like Lamont, Stefanowksi is a businessman, but he comes out of the corporate world. He has an MBA from Cornell and started his career in downtown Hartford working in the Gold Building for accounting and consulting giant PWC. He is a certified public accountant and financial analyst who also held executive roles at General Electric and UBS. He said that background, particularly leadership skills he learned at GE, make him well- equipped to lead the state and work across party lines. It will also help him negotiate better deals on behalf of taxpayers, he said, noting that he'd consider plans to privatize certain state functions, like the airports, and also force partners to restructure deals that have gone over budget. He's critical, for example, of Ever- source and Orsted's taxpayer-backed upgrade to the State Pier in New London, which has seen its budget jump from $93 million initially to over $236 million. "I was the CFO at UBS. I was a senior guy at GE," Stefanowski said. "I'd be sitting these two partners down and say 'hey listen, we have a problem here, and if you don't help me get this back on track, I'll find two new partners.' " Stefanowksi, who is married to his wife Amy and has three daughters, faces an uphill battle, taking on an incumbent Democratic governor in a blue state. A recent Emerson College Polling survey gave Lamont a 10-percentage point lead in the race. Stefanowksi recently visited HBJ's offices for a 45-minute interview to discuss why he's running for governor and what he'd do if he won. Here's what he had to say: Q. Why are you running for governor again? A. I grew up in New Haven. My father was a clerk in the mailroom at Southern New England Telephone Company and the state has been great to me. I had a great education, great parents, great quality of life and I just don't think kids have that opportunity today. I don't think it's gotten any better over the last four years with Governor Lamont. Affordability is a real problem and it's not just taxes, it's electricity bills, it's oil, it's inflation. We've got the highest utility costs in the continental U.S., that's not right, it shouldn't be that way. I think with the billions in federal stimulus money we got from the federal government, and a multi- billion-dollar surplus, we should be doing more to help people get by. Q. How would you assess the state's economy and business climate? A. Not good. We're the only economy that hasn't recovered the jobs lost during the Great Recession. Taxes are the second highest in the U.S. Small business is not happy at all. One of the things we should do is pay off the unemployment insurance fund debt (which stood at $86 million as of Sept. 14, according to the Department of Labor). Other states BOB STEFANOWSKI Education: Bachelor's degree in accounting, Fairfield Univer- sity; MBA, Cornell University Past jobs: Auditor, PWC in Hartford; CEO of GE Commer- cial & Industrial Finance; CEO of GE Telecom, Media & Tech- nology Finance; CFO, UBS Age: 60

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