Our police, fire & schools lose $141 mill/yr because MA thinks subsidizing the paychecks of mutual fund company executives is a higher priority. This one giveaway is 10% of the state’s budget deficit this year. The total amount lost each year, when you include all the other desperately needy firms like Raytheon that get this special deal? More than $300 million/year. remember that, when you see what IS cut in this year’s budget.
Curiously enough, Fidelity claims they have no idea how much they’re saving!
At the hearing on Beacon Hill, Fidelity President Ronald O’Hanley declined to say exactly how much the Boston financial services giant benefited from a tax change in 1996 for the mutual fund industry. The Department of Revenue estimates the mutual fund industry has saved roughly $1.7 billion since the law was changed 15 years ago, including an estimated $142 million this tax year alone.
If it matters that little to them, why do we bother?
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