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Malloy Tries to Take Credit for Aetna Staying in Hartford, But They Almost Left Because of Taxes

January 16, 2018 By Staff
Malloy Tries to Take Credit for Aetna Staying in Hartford, But They Almost Left Because of Taxes

The governor touted his meeting with CVS Health's CEO, where he confirmed Aetna is staying in Hartford, but he forgot to mention Aetna almost left because of taxes.

In a major and positive announcement for Connecticut’s economy, CVS Health announced that, with its pending purchase of Aetna, it has “no plans to relocate Aetna’s operations from Hartford.”

Before CVS announced it intends to buy Aetna, the health insurer had announced a move of its headquarters from Hartford to New York City.

Gov. Dan Malloy (D-Conn.), though, appeared to try to take credit for CVS Health’s announcement, saying that “[a]fter meeting with CVS Health CEO Larry Merlo … I’m thrilled that CVS has confirmed that Aetna will continue to call Hartford home.”

Malloy continued:

“CVS Health has an incredible track record of corporate stewardship, and we welcome their leadership, and commitment to naming Hartford a center of excellence for the insurance business. Today’s announcement confirms that Connecticut is a tremendous place to do business, with a talent pipeline and quality of life that are second-to-none. My administration will continue to work with CVS Health’s leadership team to ensure that their footprint in Hartford is maintained not only for the short-term, but in the long-run as well.”

Of course, Malloy did not mention that he and his high taxes are the reason Aetna almost left.

From Reclaim Connecticut in June 2017:

However, as Reclaim Connecticut and others have pointed out on Wednesday, Aetna warned Malloy of these kind of repercussions if he passed tax hikes in 2015:

Aetna criticized tax increases supported by Gov. Dan Malloy (D-Conn.) in 2015. At the time, Aetna said that they would look “to reconsider the viability of continuing major operations in the state” if the tax increases passed. The two-year budget signed by Malloy in 2015 raised taxes over $1 billion.

Malloy took a ‘not my fault’ approach to Aetna’s departure, but now that they’re staying he appears ready to claim some kind of credit.

Regardless of Malloy, the announcement is good news for Connecticut and its economy.