[BicoastalAnn]

If the unitary tax is only assessed on HQs, then couldn't we expect the companies threatening to leave to just relocate HQ elsewhere but still keep a decent number of employees still employed in CT? I can't imagine Aetna would close every office in CT and completely pull out. I don't know what the legal threshold of employees is required, if any, for a location to be considered an HQ vs. satellite office though.

[cynic1]

In theory at least ... and there can be permutations ... but in traditional unitary taxation... take the worldwide income... and the percentage number of employees located.. in this case..in Connecticut ...then apply the tax on that percentage X worldwide income.... the result of which would be subject to the tax...and applied. And again in theory ... it is applied to a company whose headquarters are located in the taxing authorities state.

[BobNJ1960]

Originally Posted by BicoastalAnn

If the unitary tax is only assessed on HQs, then couldn't we expect the companies threatening to leave to just relocate HQ elsewhere but still keep a decent number of employees still employed in CT? I can't imagine Aetna would close every office in CT and completely pull out. I don't know what the legal threshold of employees is required, if any, for a location to be considered an HQ vs. satellite office though.

I doubt any would close 100%, relo hq quite possible, but remember:

(1) Median salary at hq far in excess of total corp, so you lose the folks paying the most tax.

(2) If they relocated even lets say 25% of the total jobs, each one of those examining the issue publicly would be cutting more jobs than were lost when Bayer left Ct.

[BicoastalAnn]

Can you share what happened with Bayer?

Yeah I know it's still a hit to tax revenue, though at least it may be some consolation to folks who fear there won't be any corp jobs left in CT.

[BobNJ1960]

Originally Posted by hartford_renter

New Jersey has the highest taxes in the country second only to NY. I think CT is third

These states need massive spending cuts to just keep the lights on. It is probably good to think of a more thoughtful argument like what are our options here in CT and what is the environment like now.

We are losing jobs and spending has gone through the roof. No Democrat will cut any spending, not a cent.
Business are relocating because of the cost.

We need spending cuts just to survive

The entire Northeast needs a reduced quantity of state employees. Every major corp has dramatically cut jobs via technology over many years, often not via layoff, via not backfilling. Government needs to follow that lead. Reduce the ratio of government employees to productive, private sector taxpayers.

[BobNJ1960]

Originally Posted by BicoastalAnn

Can you share what happened with Bayer?

Yeah I know it's still a hit to tax revenue, though at least it may be some consolation to folks who fear there won't be any corp jobs left in CT.

Bayer Closing Research Facility - tribunedigital-thecourant

[Henry10]

Originally Posted by hartford_renter

We need spending cuts just to survive

Nobody is cutting nothing, at least for a while. It's like asking a drug addict to curtail his heroine intake. It's actually worse. Because there are no rehab centers for the states.

They will tax, borrow, invent new taxes just to keep feeding the beast. Public Unions, programs, corporate welfare.

The only ones winning in this mess are the politicians. Power usually flows in the same direction as money.

[BobNJ1960]

Originally Posted by Henry10

Nobody is cutting nothing, at least for a while. It's like asking a drug addict to curtail his heroine intake. It's actually worse. Because there are no rehab centers for the states.

.

Excellent analogy.

[HumpDay]

Just legalize pot and tax the death out of it. Maybe it'll fix our deficit? But I know for a fact many of our legislatures are against it and IMO it's quite ridiculous.

[Sigequinox]

Originally Posted by Henry10

...
The only ones winning in this mess are the politicians. Power usually flows in the same direction as money.

I disagree. I hear the mooching class is doing pretty well for themselves. Able-bodied, free food, free money, free healthcare. Hennessy, lobster mac-n-cheese and a whole bottle of feel-good pills for my "tooth ache" ahhhhh. I will definitely be raising my kids to be respectable multi-generational welfare recipients: it's the new American success story. Barf.