HOLY FUCK GET IN HERE HAPPENING IN CT

[heydaralon]

Also bear in mind, the main problem in CT; $22 billion in unfunded pension liabilities, it's not much better in Massachussetts, where it's $15 billion, it's not like Massachussetts can afford to give every company a huge tax blowjob to lure them to Boston.

Public pension liabilities nationwide, amount to $1.75 trillion, this is a problem which all states have, leaving CT for no state corporate tax, to where exactly?

Which states can afford to give the huge tax blowjobs to lure these companies? I'm not seeing where these companies think they are going to run to, unless they're going overseas.

Basically Massachussetts was willing to shell out more corporate welfare to GE than Conneticut was, but is that actually a good deal for the taxpayers in Massachussets?

They could go to the Cayman Islands

Are the Cayman Islands gonna bail them out when they go bankrupt? We're talking corporate welfare bums here, those have a tendency to blow themselves up in the end.

Are they sure they're gonna get a better deal elsewhere? They don't seem to be. GE fled to Massachussetts, not exactly a tax haven.

They fled one high tax Blue State for another, seems to be more of a one off than a mass exodus.

Why do you think GE is gonna blow themselves up?

[Smitty-48]

Bear in mind, Boston is hot, my wife's firm is moving their US offices to Boston as well, from Rhode Island, but it's more about Boston than it is about Rhode Island, and they're not a US company, and it's not about taxes, corporate taxes are lower in Rhode Island than in Massachussets, Rhode Island just lowered them, Massachussets just raised them significantly.

[Smitty-48]

Why do you think GE is gonna blow themselves up?

They already did, Congress had to give them a $139 billion bailout already, to keep them from going bankrupt.

[Smitty-48]

Just looking at the deal, so, GE got offers from Massachussets, Rhode Island, New York, Georgia, and Texas, and they chose Boston.

But what did Massachussets pay, for 800 jobs? $145 million in incentives, $120 million in grants, and $25 million a year in property tax rebates, is that really a good deal, for 800 jobs?

$265,000,000 divided by 800 is $331,250 per job up front, plus another $31,250 a year, I mean, they're practically employees of the State of Massachussets, Massachussets ain't gonna make that money back on those jobs, that's a loss not a gain.

If the taxpayers of Connecticut are in fact in such dire straits, it would be completely irresponsible for the government to pile another net loss on top handing free money to corporate welfare bums, if the Massachussetts taxpayer wants to get taken to the cleaners like that; let them.

Your pension funds are going to go bankrupt? Well thats only gonna happen sooner if you start shoveling losses out the door to the likes of GE, if they're not paying you but rather costing you, what good are they?

Don't forget, the Connecticut share of GE's $139 billion bailout is $1.583 billion, that's how much welfare Connecticut has given these bums already. $441 for every soul in Connecticut paid to GE to just keep them afloat.

So GE causes the problem which blows GE up in Connecticut, then they get Connecticut to bail them out to the tune of over $1.5 billion, then they come back demanding more, or else? If GE was a family business run by Eye-talians, this would be a RICO case.

[SuburbanFarmer]

The thing with CT is that most of the big money isn't made there. A lot of the big shots commute to NYC and bring the money home. That skews the statistics considerably.

[Smitty-48]

Well, in fairness to Zlaxler, clearly the problem in Connecticut is that the state government has been run into the ground by the the public sector unions, on the assumption that all those rich folks who live on the Gold Coast would pay for the largesse, but now that the rubber is meeting the road with a $22 billion unfunded pension liability, the rich folks are saying "we ain't paying for that, if you try to force us to, we can live somewhere else, don't think that we can't..."

Connecticut has already been milking them, but now they're coming at them with 20% surcharges and whatnot, so the moo-cows are starting to bolt. That being said, the wealthy are such masters of tax avoidance anyways, they may simply have never been the moo-cows that they were cracked up to be, and if Connecticut simply had the steel, would just tell them to go ahead, sayonara, we'll move on without you.

What's the worse thing that could happen? They dump their union pensions overboard? Big whoop, not the end of the world, that's what they should do.

Republicans are all "ZOMG, if you tax the rich, it's the end of the world!"

Democrats are all "ZOMG, if you don't pay the public sector pensions, it's the end of the world!"

But neither in fact, is actually the case.

The way to beat out Massachussetts, Rhode Island, New York, whoever, is not to keep chasing the corporate welfare scam, rather, simply alllow the "correction" to happen, there will be some to near term pain, but mid to long, they'll be better off for it.

The cure for higher prices is lower prices, the cure for lower prices is higher prices, corrections are a good thing. Connecticut just needs a "cleanse", flush the system of barnacled entrenched interests, let things recover naturally in the fullness of time.

The trick is not panicking when the entrenched interests panic and declare the end of the world, but rather simply; keep calm and carry on.

[heydaralon]

The thing with CT is that most of the big money isn't made there. A lot of the big shots commute to NYC and bring the money home. That skews the statistics considerably.

Doesn't Delaware have some kind of weird business law where you can register a company and keep the records about it hidden? A lot of businesses incorporate in that state for one reason or another. Its weird.

[SuburbanFarmer]

The thing with CT is that most of the big money isn't made there. A lot of the big shots commute to NYC and bring the money home. That skews the statistics considerably.

Doesn't Delaware have some kind of weird business law where you can register a company and keep the records about it hidden? A lot of businesses incorporate in that state for one reason or another. Its weird.

Yeah, I remember hearing about that a long time ago. Similar to the Cayman Islands economic model - "we don't have shit, so let's charge criminals to park their loot here".

[Calculus Man]

Lower corporate taxes. It's that simple.

[SuburbanFarmer]

Lower corporate taxes. It's that simple.

Annnnnnd what? Instead of paying zero percent, they'll flood the money back for Uncle Sam?

Pure distraction, being propagated by your Corporate Masters.