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Research expansion is welcome news.
Hard to support a "Brainpower Strategy" when the cost of college tuition is smothering the middle class.
I think more accurately 3M is doing good despite the high tax burden, obviously not because of it. Lets get real...how many more brains would they have working here if we had the same tax burden as Texas? Can you honestly disagree that there wouldn't be hundreds if not thousands more? I lived in Austin, and I can tell you there are a LOT of smart people enjoying their 0% state income tax and have no intentions of moving back up here.
I give Obama full credit...3M is not doing anything.
kimi, of course you're right. Minnesota is lucky the new CEO has had a long career with 3M. The expansion would have taken place elsewhere, probably Austin, had there not been the loyalty of a long time employee, now the new CEO. Minnesota is NOT friendly to business - except when it's ready to leave the state. After Perpich lost 3M center's expansion (they already had the site purchased!) to Austin, he tried to lure Saturn here, offering a couple Billion dollars - when a portion of that to keep a long time employer happy, would have had even better job producing results.
Yaaaay 3M! Thank you for your loyalty! This isn't all about taxes. It's also about being in the Twin Cities area, where schools have always been on the high end nationally. Not something you can say about Texas! Better schools exist in states that fund them. Which means taxes.
that's a joke, right??
Note that the only expansion is in the research facility. Actual manufacturing is expanding in other states.
Only 18% of 3m jobs are located in Minnesota. Minnesota is known more for its high taxes then for its great employees. 3m Manufacturing has largely been driven from the state by government and it is not the only one. Target has a 35,000 person facility in Brooklyn Park but the staffing for it all now works remotely from India thanks to a high corporate tax burden. Minnesota needs to compete both Nationally and internationally for jobs and it has done a better job of incentivizing moves out of state (Medtronic just expanded to Texas) then growing Mn. jobs.
Companies have primary responsibility to their shareholders. 3M made this decision not out of some sort of loyalty to Minnesota, but rather because it made business sense. Obviously all 3M shareholders are not Minnesotans. So get real about their CEO's motivations. He made this decision for the right reasons.
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