Why are the big banks located in Delaware? (Philadelphia, Girard: 2014, apartment)

[Leon2014]

Philadelphia has a separate tax of 6.5-7% on business profits. That is a huge chunk of change. In many cases far more than what makes a business more competitive than its competition.

Philadelphia has the wage tax, which makes it more difficult to find employees. If you invest the wage tax, over the whole working career, it can easily compound to 200k for a white collar professional. This is a nice chunk of change!

[kyb01]

Originally Posted by jeremyw90

Great, thanks for the info. I actually lived in Center City for a year back in 2012. I rarely used the trains because I either walked everywhere or drove. Pretty ironic because I'm always on the metro in DC and barely touch my car, except on weekends. Probably because I know the system better here.

The Philly system always seemed daunting and slightly confusing because of all of the different transportation lines and choices.

I did however ride the Broad St. line a few times. Reminded me of NY and Chicago subways. If I had a foot in Philly again I'd definitely use the trains a lot more.

I can see how it would be confusing to someone who has grown accustomed to a newer system, like the DC Metro, which was built with uniformity in mind.

The oldest lines of Septa, afa length of service on them, are over a century old.

[kyb01]

Originally Posted by rotodome

I am an avid native Philadelphian, and even I think it's psychotically nitpicky to tell an outsider that the el is NOT part of the subway system. I mean cmonnnn

every subway system has elevated sections, and part of the el runs underground anyway. likely the only reason philadelphians use "sub(way)" and "el" to describe the different lines is because there are so few of them, and "market frankford" is too much of a mouthful.

No part of the BSL is elevated.

[kyb01]

Originally Posted by Becca8377

The MFL is a subway. Do you really have nothing else to contribute?

But large portions of it isn't.

Between 69th St Terminal and the 46th St station the MFL is above ground and elevated.

It goes underground after the 46th St stop.

The stops: 40th, 34th, 30th, 15th, 13th, 11th, 8th, 5th, 2nd are the underground subway section.

After those stops it becomes elevated again until the end of the line in Frankford.

If you go to NoLibs, as you have claimed to, the Spring Garden and Girard stops, both above ground, are visible there.

It's fine if I get accused of nitpicking. I'm a historian. We tend to do that.

[blktoptrvl]

It used to be that rates were regulated pretty low in the states where the banks originally were located.

Delaware decided to allow the banks to charge much more so long as they were registered there. Voila.

Usury Laws and Limits on Credit Card Interest Rates - FindLaw

[Mimidae]

Wilmington's downtown is not dangerous and depressed at all. It doesn't look great from the train station (few cities do), but it's actually a nice downtown. I routinely walk about 10 blocks across downtown (for work) at really odd hours, like 2am or 5am. I've never ever had an issue. Wilmington has drug-related crime in some tough neighborhoods, but it doesn't at all creep into the area where the banks are. I mean, there's a mugging like once every two years.

Wilmington has one of the finest old "gilded age" hotels in the country, a beautiful opera house, a World Cafe Live theatre, a lively restaurant scene, an art house movie theatre, a Fringe Festival, a monthly art loop, an art college that's affiliated with the Pratt Institute, a theatre for touring Broadway shows, a growing craft beer bar scene, multiple farmers markets, a large jazz festival, a scenic waterfront park, a historic zoo, a nice city parks system, a huge, week-long Italian festival. It's not a perfect city by any means, and I certainly prefer the scene in Philly, but get out of town with your "depressed". Sorry, I'm just sick of that perception from outsiders. Wilmington is not Camden.

And yes, tax loopholes. It has nothing to do with Philly not being friendly to business. Companies from all over the world incorporate in Delaware because of the tax structure.

[thunderkat59]

I worked at the MBNA towers for a while and never felt unsafe walking to where my car was parked, blocks and blocks away .
I even entertained moving to wilmington to end the hellish commute. Like any city, there are nice parts and bad.
I certainly would prefer Wimington over Claymont or similar areas.

[Becca8377]

Originally Posted by kyb01

But large portions of it isn't.

Between 69th St Terminal and the 46th St station the MFL is above ground and elevated.

It goes underground after the 46th St stop.

The stops: 40th, 34th, 30th, 15th, 13th, 11th, 8th, 5th, 2nd are the underground subway section.

After those stops it becomes elevated again until the end of the line in Frankford.

If you go to NoLibs, as you have claimed to, the Spring Garden and Girard stops, both above ground, are visible there.

It's fine if I get accused of nitpicking. I'm a historian. We tend to do that.

You have provided absolutely 0 help to the OP with this. You must really have nothing better to do with your time. I said the MFL was part of the subway, not the regional rail. It doesn't matter whether it's elevated or not, it's still a subway and NOT a regional rail line.

[2e1m5a]

Originally Posted by kyb01

No part of the BSL is elevated.

Fern Rock? I guess it's not "elevated" but it is above ground.

Anyway, credit card companies are all located in Delaware because they have the highest legal interest rates in the nation-something like 30% while normal is like 10-15%.

[kyb01]

Originally Posted by Becca8377

You have provided absolutely 0 help to the OP with this. You must really have nothing better to do with your time. I said the MFL was part of the subway, not the regional rail. It doesn't matter whether it's elevated or not, it's still a subway and NOT a regional rail line.

Actually he thanked me for giving him the info about Septa that I did.