Deep Dive: Small businesses have taken a big hit in the last couple of years
On Deep Dive this week, we are looking at the impact small businesses are having on the economy with employment and the tax revenue they generate.
Caleb Silver is the editor-in-chief at Investopedia, and he says there are less people working in small businesses.
Silver says Connecticut has seen fewer hours worked from July to August, down 13.3% compared to June.
“Small businesses are core to the economic health of every state especially in Connecticut,” says Silver. “They employ 48.5% of all workers in the state and the tax revenue they generate for Connecticut is substantial, $16 billion or about 82% of overall business tax revenue for the state of Connecticut.”
Connecticut has over 350,000 small businesses across the state.