The Globe is out today with this story:
High costs, complicated regulatory and tax structures, and stiff competition for back-office jobs from low-cost areas in the United States and overseas threaten Boston’s longtime position as a center of the financial services industry, according to a report to be released today.
The report was issued by the Greater Boston Chamber of Commerce and Mass Insight Corp., a research and consulting firm.
And, what do they see as one of the seven steps to take to change this situation?
To preserve the industry, the report said, universities and community colleges need stronger curriculums in quantitative subjects, and a partnership between companies and colleges to develop a “talent pool” of candidates for local jobs should be created.
So far so good.
It also calls for a coordinated system of tax breaks, plus transportation and other infrastructure upgrades, to lure companies and workers to cheaper areas of the state outside Boston.
Waaaaaaiiiiiittttttttttttttttt.
No.
It also calls for a coordinated system of tax breaks ….
No.
It also calls for a coordinated system of tax breaks ….
And, no.
You don’t solve one problem, high housing (and labor) costs by creating another one (less tax revenues). You just don’t. It’s a zero-sum solution.
Nice try.
Much as I love Fidelity, the idea that financial services companies are somehow worthy of special handling is a specious one, to me, and I think, to most residents of the city.
City’s financial services sector at risk, report says – By Keith Reed, The Boston Globe
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