Well, Liberty Mutual was awarded $22.5 million in state tax credits last year (not to mention the $24 million property tax break from Boston… OK, I HAD to mention that too). I wonder if their $25k on the inauguration might be seen as a good investment, or the over $26k that Liberty Mutual executives donated to Patrick’s campaign for reelection. I’m sure CEO Edmund Kelly’s $40 million/year compensation package thinks so.
And Fidelity, well, who even knows how much we’re giving them? According to the mayor of Northampton, Clare Higgins:
In 1996, Massachusetts passed a tax break estimated by legislative sponsors to be worth $70 million annually for the mutual fund industry (in 2010 dollars) on the promise that companies increase employment 5 percent a year in Massachusetts for five years. While company-specific data are not available to the public, industry-level data show that robust job growth allowed mutual funds to collect tens of millions in tax relief over that period. But the employment requirement has lapsed. Fidelity now is shedding its Massachusetts workers even more rapidly than its workers worldwide. Nevertheless, it continues to benefit from the ongoing tax break.
We should take these profiteers to court. Instead, they’re completely cozy with the people who are giving away the store (while consistently telling us to suck it up and brace ourselves for deep program cuts).
I’d love to get to the bottom of just how much money the Commonwealth of Massachusetts is giving away to these various companies. How can company-specific data not be available? Considering the budget cuts that are going to be shoved down our throats, how is every cent going to billion dollar cash hoarding corporations not on the table for cuts?