So now Stanley Works wants to move to Bermuda. Fed up with spiraling taxes, the Connecticut toolmaker says it's had enough.
And a lot of people are coming down hard on old Stanley, including Connecticut's attorney general, who got the company to hold off for now, pending a legal challenge. He's mad at old Stanley.
But I'm not. The company's right. Taxes are high. Apparently about $30 million too high for Stanley. That's what it figures to save for getting out. Shareholders approved that move by a landslide. And why not? If the company stayed here, it could very likely go out of business. And all because it's being taxed to death. It might sound unpatriotic, but it will keep the company in business, keep most of its workers working and keep them working here.
So let's stop politicizing this move and start understanding it. Bermuda doesn't tax businesses on income earned abroad. We do. That doesn't mean Stanley stops paying taxes here for the money it makes here. It just stops paying taxes here for the money it doesn't make here.
The greater issue isn't whether Stanley is a modern day business Benedict Arnold. Let's leave that discussion for someone else.
Leave this discussion for me. Taxes — period — are crazy. When they get so large, so complicated and so all-consuming that you can't run a business, then who can blame you for moving that business?
I hope someone takes note. Because contrary to liberal broadsides, companies do pay a lot in taxes — on average more than 40 cents on every dollar they make. And their workers pay taxes too — wouldn't you know, on average, 35 to 40 cents on every dollar they make.
Can you say overkill?
Not Washington which is more eager to jump on the traitorous Stanley than their pillaging selves.
The problem, my friends, isn't Stanley walking, it is Washington stealing and trying to vilify those who have the gall to say, enough.
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