[BobNJ1960]

dazzleman"The politicians in this state are just junkees who are addicted to higher and higher levels of spending because that is how they buy votes."

Bingo, and Malloy is the poster child of that. Raising taxes has been his M.O. His tenure has explained perfectly why his party was out of the governor's office for 2 decades.

Notice, since this came to a head, he has not even talked about (one iota) ways to save money and spend less, as alternatives. Ct is deeply lagging behind the nation in jobs regained post Great Recession, and that is IMO a big cause of it. No one has faith that Malloy will not raise taxes again, even though he campaigned promising 2nd term tax increases would not occur, and the budget was balanced. (In fairness, I'm not sure he meant Connecticut's was balanced (sar).

[Wilton2ParkAve]

Originally Posted by mlassoff

Not sure economies of scale applies here Bob. GE's employees per capita offer no savings on use of infrastructure because they work for GE.

Small business owners like myself pay more because GE pays less.

If you want small businesses to become large employers then they should get the tax breaks and support.

I don't think you realize what the CT budget calls for. Connecticut has become the first state (and in effect country) to impose a 20% surtax on a company’s annual tax liability—a tax on a tax—and for the first time taxing Connecticut companies on their world-wide income, rather than what they earn in the state. Any multi-national ought to pack up and leave immediately regardless of relocation costs or talent departure. We have just become tax pirates and it's time to send a message. Odds are this may escalate to the U.S. superme court on an interstate commerce basis as well as to the IMF/UN.

[BobNJ1960]

Wilton2ParkAve, But it's taxing the big guys. The poster thinks that is a sport.

So is making states compete for corps seeking to relocate. GE told the governor this week "Bring it on".

Once any insurer of size moves (and Des Moines is right behind Hartford in industry job qty now), and others see it went smoothly, bigger ones will follow.

Manufacturing (outside of government related stuff like UTC's) pretty much fled Ct en masse. Insurance is even less constrained from doing the same. With 21st century technology, insurance corps can move anywhere, and the talent will follow.

We all have talked with many Met Life employees who followed them, or are planning to, down to NC.

Some posters think corps are hostages. 4 major Ct corps reminded the state they are not, with 3 considering outright departure.

[BobNJ1960]

Taxing corps on worldwide income would be the same as taxing Ct residents working on Wall Street a FULL NY state and NY city resident income tax plus a full Ct State income tax.

That doesn't occur, as each state recognizes taxes paid to others as deductions against the income taxes associated with the location of the job.

Would you like that deduction to go away, MLassoff? Have the Kid from FFC working in Mid-Town pay full NY, full NYC, plus full Ct state income taxes?

If not, you are being hypocritical to expect Ct corps to pay taxes AGAIN for profits they are taxed on elsewhere..where they occur.

[janster100]

Originally Posted by BobNJ1960

janster100, I doubt that is true ..net..which is what counts. Jobs created are usually calculated w/o considering bankruptcies, and 9 in 10 small corps fail inside 5 years. They seldom pay back creditors when they do. We should reduce jobs they add both for job losses when they close, and supplier jobs lost when they fail to honor their debts upon dissolving.

If we did that, I have little doubt small business is a minority of true, sustained long-term job creation.

Americans tend to gloss over that, cause it misses their fairy tale view of Joe, the Shopkeeper..with a little country store. 90% of Joes failed.

Sorry, Bob, but you are wrong and simple Google search would have given you the answer. There are many sources to support this, but let's just go with what the government says:

https://www.sba.gov/content/small-bu...-trends-impact

Secondly, large and small companies go bankrupt. So what? It has nothing to do with taxing a business. Secondly, you are talking about small business failures from start-up. That is a different number versus existing business.

Bottom line is that small businesses have been, and are still, the larger contributor of new jobs. Why should they be paying a higher rate?

[BobNJ1960]

Both large and small corps legally follow tax laws passed by your beloved legislature, janster100. Might want to ask them why they wrote the tax laws as they did (LOL).

[Sigequinox]

CT is out of it's mind. As one of the, what, 3 states? that have an annual tax on vehicles for the privilege of driving of their crappy liberal roads can't find enough money to fix these roads? Not even NY, the mother of the liberal tax system, has an annual vehicle tax (the father, California does however).

My wife and I will pay over 1k this year for vehicle property tax. This state realllyyy needs to get it's act together.

3 semester left and then I'm selling this house, taking my graduate degree and work experience the hell out of here. Biotech is growing much faster in other parts of the country as well. Way more companies are on their way out than in. CT will see growth in Alexion, Jackson Labs and Mt Sinai, that's about it. We have professional development seminars with key industry speakers on a weekly basis in our program and last semester 3 of the 8 voluntarily and specifically mentioned that CT is not poised well for substantial growth in the biotech space and that many existing operations have moved or are planning to move. Most of the [employed] graduates from my program moved elsewhere; boston, atlanta, san diego, etc. I'm lucky enough to have a pretty sweet gig, unfortunately the state itself is driving me out.

[janster100]

Originally Posted by BobNJ1960

Both large and small corps legally follow tax laws passed by your beloved legislature, janster100. Might want to ask them why they wrote the tax laws as they did (LOL).

Yes, Bob, we all know why the laws are the way the are. So, I take it that you now agree about my point regarding jobs from small businesses.

[MrGompers]

Originally Posted by Wilton2ParkAve

I don't think you realize what the CT budget calls for. Connecticut has become the first state (and in effect country) to impose a 20% surtax on a company’s annual tax liability—a tax on a tax—and for the first time taxing Connecticut companies on their world-wide income, rather than what they earn in the state. Any multi-national ought to pack up and leave immediately regardless of relocation costs or talent departure. We have just become tax pirates and it's time to send a message. Odds are this may escalate to the U.S. superme court on an interstate commerce basis as well as to the IMF/UN.

I will have to correct you on this. CT is not the only state to have a "unitary tax" on corporations. NY for example passed the same law last year in 2014.

There have already been at least 5 cases dating back to the 80's challenging parts of the unitary tax. As far as I can tell the US Supreme court has ruled against every plaintiff so far. Some of those cases are listed here under the title "Supreme court decisions"

CPA Journal Online

The only significant case I can find where the US Supreme court ruled in favor of the plaintiffs is
State Taxation of Multinationals: Combined Reporting

With that said I don't think any corporations are going to waste time on court cases given the poor history of winning these cases. IMF and UN have no jurisdiction over anything so I don't know why you would bring them into the fold. If anything the US controls both of these organizations and no country inside is going to challenge the US.

[Sigequinox]

Originally Posted by mlassoff

Not sure economies of scale applies here Bob. GE's employees per capita offer no savings on use of infrastructure because they work for GE.

Small business owners like myself pay more because GE pays less.

If you want small businesses to become large employers then they should get the tax breaks and support.

How much more do you pay if GE leaves?