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That Democratic tax hike included a slew of corporate-income-tax increases, coming to roughly $500 million. At 9 percent, Connecticut’s corporate tax is now fifth highest in the country. And switching the state to combined-income reporting (including out-of-state GE income) was a killer. Additionally, sales taxes on everyone were raised while property tax credits were diminished.
Connecticut has the second-highest property tax in the nation, ranking 49th out of 50. The Tax Foundation ranks Connecticut 42nd out of 50 in terms of tax climate (Massachusetts ranks 24th), and second highest in terms of state and local income-tax collections per person.
Massachusetts? It dropped its corporate tax to 8 percent from 9.5 percent and has a flat income tax of 5.15 percent. Connecticut, on the other hand, jacked its corporate tax to 9 percent from 7.5 percent and its top income-tax rate to 6.99 percent from 5 percent.
people refuse to believe that corporations will leave once they are tired of paying more and more taxes, they are now moving from state to state to lower their tax bill, and some are leaving the country. We have to do something to stop raising taxes.
Boston and Massachusetts bribed GE with $145 million in incentives and grants. Less tax from them means someone else has to pick up the shortfall.
"City officials said they are prepared to offer as much as $25 million in property tax relief.
The state package could be valued as high as $120 million and could include a variety of benefits, such as grants, tax incentives, infrastructure improvements, and help with real estate acquisition costs."
Boston and Massachusetts bribed GE with $145 million in incentives and grants. Less tax from them means someone else has to pick up the shortfall.
"City officials said they are prepared to offer as much as $25 million in property tax relief.
The state package could be valued as high as $120 million and could include a variety of benefits, such as grants, tax incentives, infrastructure improvements, and help with real estate acquisition costs."
Yet Massachusetts is in a position to cut taxes, as they cut their top tax rate down to 8%. The thing is jobs are needed to grow a state, without those jobs the tax rate does not matter as there is nobody to pay them.
Status:
"everybody getting reported now.."
(set 25 days ago)
Location: Pine Grove,AL
29,567 posts, read 16,552,753 times
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Quote:
Originally Posted by jwiley
Yet Massachusetts is in a position to cut taxes, as they cut their top tax rate down to 8%. The thing is jobs are needed to grow a state, without those jobs the tax rate does not matter as there is nobody to pay them.
Which still means you are arguing moving from one Liberal state to another, regardless of who is in a better position, negating the point you tried to make in the OP.
And before you say "they have a republican governor"
Taxes were not the primary reason for GE moving from CT to Mass. (If it were they would have moved to Texas, or Florida). They moved to Mass to get access to the amenities of a major city and workforce of Boston...
Sorry it doesn't fit the conservative narrative, but, oftentimes reality doesn't.
Boston and Massachusetts bribed GE with $145 million in incentives and grants. Less tax from them means someone else has to pick up the shortfall.
"City officials said they are prepared to offer as much as $25 million in property tax relief.
The state package could be valued as high as $120 million and could include a variety of benefits, such as grants, tax incentives, infrastructure improvements, and help with real estate acquisition costs."
Taxes were not the primary reason for GE moving from CT to Mass. (If it were they would have moved to Texas, or Florida). They moved to Mass to get access to the amenities of a major city and workforce of Boston...
Sorry it doesn't fit the conservative narrative, but, oftentimes reality doesn't.
Quote:
Originally Posted by middle-aged mom
The elite universities and nimble tech firms in Boston are the icing on the cake.
Millennials love urban centers like Boston and don't want to move to little rural car-centric towns. Many employers are having to adjust to get the cream of the crop.
It's always interesting to see super-blue states learn the same lesson: Businesses and rich people are not captives you can just tax the crap out of. They can and will leave. Doing the exact opposite has led Texas to draw many of the companies leaving blue states. And there's always another state that will throw lots of incentives to ease the cost of relocation.
The only captive tax crowd is the poor and lower-middle class unfortunately, because they actually can't easily move. Isn't fair, but that's reality.
Taxes were not the primary reason for GE moving from CT to Mass. (If it were they would have moved to Texas, or Florida). They moved to Mass to get access to the amenities of a major city and workforce of Boston...
Sorry it doesn't fit the conservative narrative, but, oftentimes reality doesn't.
They did cite those things, but they also formed the exploratory team right after telling Ct passing its last series of tax hikes (last year) would lead them to reexamine where the hq should be.
And the reality is, while Ct can work to correct the error of its corporate tax hiking history, the desire to get back to hqs in major metros spells doom for Ct to retain its suburban and small city F500s. So honestly, if those in Ct wish to keep happy thoughts about their economic future, they should hope GE's true motive to go was excess Ct corporate taxation in all forms.
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