If You Tax Something, You Get Less of It
From the Boston Globe:
"Fidelity Investments will shutter its offices in Marlborough, Massachusetts by the end of next year and move almost all of the 1,100 jobs there out of state, a spokeswoman said yesterday. The financial services giant, based in Boston since it was founded in 1946, has steadily slashed its Massachusetts workforce in the past five years. Fidelity will probably have about 7,300 workers left in Massachusetts, just over half of the 13,000 it had in 2006. Most of the jobs will be relocated to other states, with the lion’s share going to existing offices in Merrimack, N.H., and Smithfield, R.I.
Several observers said it appears Fidelity is relocating to states that will offer more tax breaks, or where it believes it can cut operational costs, especially since many of the jobs are moving only across the Massachusetts border."
From the Boston Herald (thanks to Steve Bartin):
"A clandestine company that manages billions for Fidelity Investments has quietly pulled up stakes from Boston’s Financial District, leaving the Bay State behind for New Hampshire and its beneficial trust and tax laws. Crosby Advisors’ relocation of more than 100 workers to new offices in Salem, N.H., last fall — marking a major migration of Boston wealth over the border — went virtually unnoticed except among informed company insiders.
The move also went completely unmentioned amid all the hand-wringing after Fidelity announced last month that it would close its Marlboro campus and send most of those 1,100 jobs to its offices in Merrimack, N.H., and Smithfield, R.I."
mjperry.blogspot.com
......
At 4/06/2011 9:39 AM, Che is dead said...
Socialism, even in it's mildest forms, requires walls, in the same way that antebellum plantations required chains. |
