United Technologies Corporation (UTC)

United Technologies' move casts doubt on tax incentives

In this image, the Raytheon logo is seen on the side of a glass building, framed by trees.
A Raytheon facility in Orlando, Florida. Photo: Paul Hennessy/NurPhoto via Getty Images

As part of its merger with Raytheon, United Technologies expects to move its headquarters to the Boston area and out of Connecticut, the state it has called home for nearly a century.

Why it matters: A new research paper from the right-leaning Yankee Institute says it's just the latest piece of evidence that the mix of higher taxes and "economic development incentives" don't work.

The future of conglomerates is in the cloud

Illustration of measuring tape wrapped around a briefcase
Illustration: Rebecca Zisser/Axios

United Technologies is breaking up. General Electric is a shadow of its former self. The great conglomerates of the past, names like ITT and Gulf + Western and Hanson Trust, are dim memories at best.

The bottom line: Maybe the big cloud providers — Amazon, Microsoft, IBM, Oracle — are in some way the new conglomerates. They don't own the companies they power, but they deliver impressive and valuable synergies all the same.