General Electric’s Connecticut departure: Was it increasing taxes that caused the company to flee the longtime home of their headquarters, or was there more to the story?
For 42 years, General Electric’s headquarters resided in Fairfield, Connecticut. This town of around 60,000 located about an hour and a half northeast of Manhattan, New York. In 2015, the company announced it was considering a move stating that “Retroactively raising taxes again on Connecticut’s residents, businesses and services makes businesses, including our own, and citizens seriously consider whether it makes any sense to continue to be located in this state.” In January of 2016, the company confirmed that they were planning to move the company headquarters out of state, to Boston, Massachusetts.
The Reason WhyReports were mixed about the true reasons for the company leaving the state of Connecticut. It can’t be ignored that in June of 2015, the governor of Connecticut signed…