The odds are good that GE moves to Texas or Florida or someplace with better weather and a “more pro-business environment,"….
Oklahoma needs to move toward getting in this ball game and develop its own more pro-business environment. Maybe we don’t land a GE but would help our existing business grow and help with the relocations of smaller corporations to our state that could grow.
But this is what high taxes do….. They drive away the creation of wealth and all its benefits.
GE Stock Declining on Possible Headquarters Move After Connecticut Approves Tax Hike - TheStreet
NEW YORK (TheStreet) -- Shares of General Electric (GE - Get Report) are falling 0.06% to $27.25 on reports that the company may explore moving its headquarters after Connecticut passed a budget that includes $1.2 billion in tax increases for some of the state's biggest corporations, Reuters reported.
On Wednesday, lawmakers approved a $40 billion biannual budget, CNBC.com reported. The budget would increase business taxes by around $500 million over two years, Reuters pointed out. The measures, extend a 20% surcharge on corporate tax, and introduce a tax on group-wide income even if it originates out of state.
CEO Jeff Immelt sent an email yesterday to GE's Connecticut employees saying that he had asked the team to examine the company's options to relocate the headquarters to a state with a "more pro-business environment," according to Reuters. He claimed GE's state taxes have increased five times since 2011.
"I believe we should pay our fair share and that all of us should give back to our communities. But, we can compare Connecticut with other states where small and large businesses have a better environment to thrive and compete," Immelt wrote in the email, CNBC.com noted.
GE currently has about 5,700 employees in Connecticut.
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