[Beeker2211]

Originally Posted by ayoskillz

Again the county did not put up that kind of money. I wouldnt be surprised if it was less the 10% of county money. Its the state money. The state of Florida receives billions in revenue. So they have money they can throw around without rasing taxes. If they were taxes companies out the ass the companies wouldnt move there. ...... for example ct... ct doesn't have the income florida has. . Samething about texas, new york California all have high incomes

What you're saying doesn't make sense... The money comes from somewhere, being used to lure business that would be happening in the US anyways, and FL is one of the worst to put these type of incentives on the national credit card essentially. Is this a good use of limited resources for the state of FL? Does it help everyone, or available to everyone?

I'm all for economic help to undeserved areas. I'm not a monster. But deals like this are only helping a small sliver of the already well off, and it's high time for Congress to put a stop to it.

[JayCT]

Originally Posted by beerbeer

United Technologies just took another giant step out of Connecticut.

UTC Breaks Ground On Building Climate Business Headquarters In Florida - Hartford Courant

Thank you Governor Malloy.

UTC is investing hundred of millions here in Connecticut. They are building a $150 million engineering facility for Pratt & Whitney in East Hartford. They are also building a new $50 million UTC Research Center also in East Hartford. Hardly running away. Jay

[MrGompers]

Originally Posted by Beeker2211

Fine print is important. $10.6 Million? That's a lot for Palm Beach County to put up for private use, how do they expect to make it up? Isn't this essentially borrowing against future public revenue to hand off to business expenses? Let's break this down:

380 employees were promised, but with these sorts of things one can expect 200-250 tops. Even if every employee lives in County at a very generous rate of $4k/year property taxes it'd take 10 years alone to pay down the principal balance, 15-20 years roughly if the bonding interest is paid earlier than schedule, and gets blown up if even half of the households send a single child to the public schools (around 8k/yr/student on the cheaper side in Florida). And if Muni bonds in FL go sideways I doubt the state has the resources to bail them out even if they want to without significant changes to tax policy.

It's utter madness.

This is the type of analysis that nearly no one makes including those in Govt. It can be better summarized by the statement "socialize expenses and privatize gains"

I said it before and here it goes again. I would support these types of subsidies if the Govt was also able to partake in the gains. One example would be for the companies(s) to offer the Govt stock or stock options. IF the CEO is eligible for these types of compensation the taxpayers should be also.

[JGBigGreen]

Didn't CT give UTC something like $400 million in incentives/tax breaks to build the research center? $10.6 million, if that number likewise consists of tax break incentives, seems like a bargain in comparison.

[CTDex]

Immigrant family flees Connecticut’s tax burden


"Bledar Iljazi came to the United States as a child in 1986 when his family decided they could no longer live under the government of the Socialist Republic of Macedonia. They came to Connecticut, built a construction business, opened several restaurants and worked 80 hour weeks to make a life in their new homeland."

"Now the entire family – twelve members across three generations – is fleeing Connecticut and pursuing a better life in South Carolina. “The way everything was ten years ago – the economy and taxes – it wasn’t as bad, but right now for small businesses we’re getting hit with taxes left and right. They’re pretty much just making them up,” Bledar said."

Immigrant family flees Connecticut’s tax burden | Yankee Institute for Public Policy

[CTDex]

Connecticut economic competitiveness study reveals more bad news


"Connecticut is losing better-paying jobs and replacing them with low-paying jobs, according to a study released by the Commission on Economic Competitiveness.


The commission had previously attempted to keep the document secret by discussing it in a closed-door executive session, prompting a Yankee Institute complaint to the Freedom of Information Commission.


The study shows that manufacturing, information technology and construction jobs are shrinking, while low-paying jobs in health care, food and education services have grown. The report, recently made public, is just the latest in studies and national rankings that are piling bad news on the Nutmeg State.


According to the report, Connecticut’s tax burden is hurting its ability to compete with its nearest neighbors. New York and Boston have closed the gaps in quality of life factors and Connecticut’s cities fared particularly badly. Sixty-seven percent of people surveyed in urban areas said they could not find suitable employment. Twenty-seven percent of city residents said their quality of life was getting worse.


The outmigration trends showed considerable losses for people with a college education. The number of people with either no formal education or a high school diploma actually increased, although not enough to make up for the loss of educated residents. Millennials aged 18-24 were the largest age group leaving, followed by retirees.


Connecticut economic competitiveness study reveals more bad news | Yankee Institute for Public Policy




https://www.cga.ct.gov/fin/tfs/20150...esentation.pdf

[MrGompers]

Originally Posted by CTDex

Immigrant family flees Connecticut’s tax burden


"Bledar Iljazi came to the United States as a child in 1986 when his family decided they could no longer live under the government of the Socialist Republic of Macedonia. They came to Connecticut, built a construction business, opened several restaurants and worked 80 hour weeks to make a life in their new homeland."

"Now the entire family – twelve members across three generations – is fleeing Connecticut and pursuing a better life in South Carolina. “The way everything was ten years ago – the economy and taxes – it wasn’t as bad, but right now for small businesses we’re getting hit with taxes left and right. They’re pretty much just making them up,” Bledar said."

Immigrant family flees Connecticut’s tax burden | Yankee Institute for Public Policy

When people complain like this, they should be required to publish their tax returns. As business owners they have access to a lot of income segregation/isolation and expense write offs that the average tax payer doesn't have access too. Furthermore, with the correct set up they will NOT be paying any FICA taxes.

There's no way in hell they are paying 35k a year in taxes on 85k income. IF they are, they are doing the taxes themselves and/or have the worst CPA in CT.

[GoHuskies]

Originally Posted by JayCT

UTC is investing hundred of millions here in Connecticut. They are building a $150 million engineering facility for Pratt & Whitney in East Hartford. They are also building a new $50 million UTC Research Center also in East Hartford. Hardly running away. Jay

I might further add it's normal for large companies to have business units based all over the place. GE has at least 17 different lines of business around the world and something like 230,000 employees outside the USA.

[HeadedWest]

Originally Posted by MrGompers

When people complain like this, they should be required to publish their tax returns.

Required? By who?

[beerbeer]

Originally Posted by GoHuskies

I might further add it's normal for large companies to have business units based all over the place. GE has at least 17 different lines of business around the world and something like 230,000 employees outside the USA.

It's not normal for large corporations to move their headquarters. It's unusual. UTC has been moving division HQs out of Connecticut for a long time now. You can bury your head in the sand or do something about it.