[BPt111]

Report: Bridgeport manufacturer to shut down - Financial Mines

[mlassoff]

Originally Posted by Wilton2ParkAve

At what level don't they pay taxes? Their U.S. payroll is north of 10 billion (out of $72 billion in revenue) and their single largest expense in the cost of goods sold. Their products and services are also taxed at the time of purchase in most jurisdictions. Between the two we are talking about several billion dollars in federal revenue. Most of those employees are paying 20-30% federal tax rates. Same for dividend owners (don't get me started on the double taxation of dividends). They also pay several percent to the state of ct, which unlike federal taxes, has few deductions. It wouldn't surprise me if they pay a higher state corporate tax rate relative to their 2% federal rate. I'd pack it up if I were in their shoes.

These are mostly taxes paid by customers, and employees that you are listing. Yes, they pay payroll taxes-- just like I do. However, as you know, GE's overall Federal (and probably state) tax rate is MUCH lower % of their profits than mine...

You want to encourage entrepreneurship? Make the playing field level.

[mlassoff]

Originally Posted by BPt111

Report: Bridgeport manufacturer to shut down - Financial Mines

They were founded in Bridgeport in 1989 and purchased by a foreign concern recently. While this will cost a few jobs, this is good news for business and entrepreneurship here.

[Lalalally]

Aetna + GE threaten to leave on the same day????!! Everyone who's in this *******'s corner... QUIT the damn spin NOW - Malloy et al. are KILLING this State. Period. And the horse's ass needs to be RECALLED now!!!!! No faith in this donkey...

[HumpDay]

Originally Posted by Mr_250

None of this is final! It could change and get rid of all the new taxes.

Let's hope! I still have faith they will not pass this budget.

I'm glad GE, Aetna, and the Travelers gave out their opinion about this tax hike. This is ridiculous. If you think about it, this tax hike will make our surrounding states more attractive for businesses. If this tax hike gets approved the company i work for might be rethinking to move out of state which is not what i want. Hopefully the capital plays smart. They haven't been playing smart for quite some time now.

[BPt111]

"We are disappointed with the proposed tax increases in the budget agreement,'' Travelers said. "Raising taxes again will increase the cost of living for nearly every resident and small business in the state, negatively impacting our employees and customers. Lawmakers should explore other solutions to the state's budget to help keep Connecticut competitive and make it a desirable place to live and work.''




GE, Aetna, Travelers Criticize State Tax Increases - Hartford Courant

[BPt111]

http://www.courant.com/business/dan-...01-column.html

State Budget Is An Attack On The Modern Economy

[BobNJ1960]

Morning Joe went off, properly, on this hair-brained idea.

If any one corp moves over this, ,many more will follow. Execs are on each other's boards; they do talk.
Even for this admin, this is unusually stupid. That is like being a worse newsman than Ted Baxter.

[Mr_250]

Originally Posted by BPt111

Report: Bridgeport manufacturer to shut down - Financial Mines

Do they manufacture fake poop? Picture sure looks like that.

Back to Connecticut Economy...

None of these companies will move. It's all a bluff. Later today they will come out with a budget and GE will announce they want to expand in the State. We have one of the best States in the Country for Business, there is no way they want to leave.

[Mike 75]

When the Courant doesn't support the budget, you know its bad.

A bad budget deal for Connecticut. - Hartford Courant