Tuesday, April 05, 2011
Fidelity's latest out-of-state move, Part II
As suspected, Fidelity's Johnsons aren't the only ones sneaking over the border to start a trust business.
New Hampshire is obviously making its trust laws more attractive for Bay Staters and others. But I'd love to see how many counter-productive tax laws that Massachusetts has implemented over the years, if not decades, as it tried to close "loopholes" and suck up as much tax revenue as possible. Bottom line:
As suspected, Fidelity's Johnsons aren't the only ones sneaking over the border to start a trust business.
New Hampshire is obviously making its trust laws more attractive for Bay Staters and others. But I'd love to see how many counter-productive tax laws that Massachusetts has implemented over the years, if not decades, as it tried to close "loopholes" and suck up as much tax revenue as possible. Bottom line:
“Massachusetts is losing companies at a rapid rate as it relates to the trust business,” said Scott Baker, a principal at Perspecta Trust in Hampton, N.H. “They are just losing businesses and jobs.”But elected leaders here will find a moralistic way to blame the Johnsons and others. Count on it.
