Jan 11, 2018|
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
This segment of the financial exchanges brought to you by the leader bank if you're looking to diversify your portfolio. Precious metals are Smart investment in gold and silver bullion coins. Now available all lead to bank locations or call 8776917900. Or. Log on to leader bank dot com for more information member FDIC. Good news on the business front out of Connecticut has been a little bit rare the last few years. But the other day in the governor announced that tax collections were surprisingly tied Dan car from the Connecticut post. Joins us now to explain what happened again welcome to show. Good morning how are you. A slightly different boat than the way you and I was. I'm here. Yes yes you do way congratulations on the new gig idea. Yeah be it comment I do all the hard it would at that New Haven register they cart you wrote that there would advocate that. Norwalk hour immigrant I'm prepared for news on all the papers so. And yes we are looking at the young. The wind all work on your win ball is that there at one time windfall having largely on an eye on the rule. Under that the IRS Brett and I want to repatriate. Curtain over a profit by December 31. Point seventeen and when they did that that became respectable event and that all the time in it for the opposite and that it. Combined with non business this week and back it. Of course individuals that we pay back the war money they haven't earned a state income back he got and they probably not if it by businesses. And it it earned the money and that we thought of that exactly panting to earn more money in twenty edit in booking more profit. It. 900 million dollars in back. No way any time and they can use it I mean they but all the money had to go under the rainy day fund in. Well that that operate it department of shrapnel bit well at at which. Barrel out there. Who used money off at a you're it and it burned out to be exactly and billion dollars out of a 900. And so. You know what in the rainy day if there their reign at the rainy cape on an event equated to a argued that it one of them is huge in the law. It it. Which it can make it that they had been known to do in order to move up another hit the wait it out. If you if you just let the year end with a deficit nine and by law you go to any on the route it through we built it. I went under it there right now we're not worried about. It is that as what it means for you are collecting be income. And that worked out so yet. I want to ask you about the property taxes I mean Connecticut is arguably the richest state in the country per capita. And you got a lot of waterfront homes there with property tax bills of 304050000. Bucks a year to hit it deep do you think anybody prepaid their property taxes to get the deduction and seventeen. I've yet they hit many people didn't even. Not much or people like me did. Because I wouldn't let our web site back. So there's no question but that helped me. What was it. It it it really got me to help out because under the direct rule you're a mile would be great for the one year. You know as it here bill that are a bit. Some people in the count but what are but it pampered aloud where bailout it would be and you idiot but they're not gonna be a debate those at a deduction. So what what is the financial status of Connecticut today I mean for the last probably what three or four years Dan. Connecticut's in the week your sister. Out of the six New England states you know you look at the economies of the rest of new England and you throw New York in there if you want and Connecticut. They've been lagging it's been tough down. Yet it didn't go to because GAAP grip it good and I have equal and you they're relatively. And so. I had to turn around and and it patent it and no we're still working out you are. Bit will that but it beat that act but don't keep up with not current and let it and they aren't. And the problem is involved with long term liabilities and help here and that's felt as growing. And you know you can help it grow over a problem if you have wrote. We use it at him and even the Vermont and New Hampshire but we're gonna have enough problems grow. We're we're you know I I talkative. People down or electric boat in Groton New London. And there have been a heck of time finding workers so there's a disconnect here right I hear the economy's terrible at Connecticut. Yet electric boat can't find guys to take apprenticeships. An apprentice ships at 21 bucks that are. There's been connected exactly what you're Abbott no question about it a bit of a mystery out of it yet and it it. It paid out electric boat that is it. You know. But for a week there is that the B 25 out on at the bit and didn't make an edit an economy. I can convert the European and at thirteen thousand about wanting in new. I'm not a problem is that it is OK I not been people who do happen you know some of the problem is that indicate elected. I we thought people needed there in that period of the 2000. They were being laid off a movie they are in other industries that are up there anymore. And so it really that we had problem. A that big body is doing great I certainly hope that it let rip up and remember. In decades. You know our current generation the company there's an awful lot more and in that they do and now it is because of what. Right Dan thank you very much for your time we appreciated again congratulations on the new gig. Thank you very much greater Kandahar Connecticut post joining us today on the financial exchange and you don't. Chart gave me the thing that I find most perplexing is. You know the cost of living in New London is very little kid at that a guy like you could buy a house. A starter home for couple 100000 bucks Neitzel who. Eat their weight their jobs there ready you can yet. Really good apprenticeship where you'll learn to be an electrician a welder. You know commercial painter. And the star when he one bucks an hour. And they can't find anybody can not find the workers they've gotten jobs if they're going begging. I think part of it is just you know connect it needs to do somewhat of a B re branding on what the state is in that and that takes time I mean it's people kind of have this preconceived idea of it and we see cities that are able to kind of transform themselves if you go back. 25 years I remember Pittsburgh was really struggling you know without a loss of steel jobs and so forth. But they've got to rebuilt themselves is tackled now and and you look at that it takes time but you have to have a plan yet to stay dedicated to it. And there's no doubt that you can't do it but it takes a lot of time and a lot of work.