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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.

What they're saying:

  • The incentives, "spend more of the state's income every year than is raised by the administration's 2015 corporate tax increases the increases that drove away General Electric and other major Connecticut corporations," Suzanne Bates, a Yankee Institute senior fellow, and Mark Gius, professor of economics at Quinnipiac University, write.
  • "The results, meanwhile, appear ineffectual: even the corporation that received the most of such incentives has recently announced plans to leave the state."

What happened: Bates and Gius' study finds that the combination of higher taxes and development grants ended up costing Connecticut taxpayers $35 million.

  • The tax increases were estimated to generate $481 million in receipts from corporations for the 2-year period, but produced just $323 million — about one-third less than projected.
  • On the other side, the state's developments grants awarded nearly $358 million in grants or loans to businesses to either move to Connecticut or to remain in the state.

Go deeper: United Technologies, Raytheon reach aerospace mega-merger

Go deeper

Mike Allen, author of AM
2 hours ago - Politics & Policy

First look: Anita Dunn advises Dems on economy message for '22

Signs from a President Biden event yesterday in Kansas City, Mo. Photo: Chase Castor/Bloomberg via Getty Images

In a midterm preview, top Democratic strategist Anita Dunn advises the party's House and Senate members to frame Republicans "as being against the economic interests of working Americans."

What she's saying: "Explicitly framing Republicans as opposing policies to lower costs does better than simply framing Republicans as the 'party of no,'" Dunn, White House senior adviser until August, writes in the memo.

JPMorgan: "Full global recovery" in 2022

Photo: Erik McGregor/LightRocket via Getty Images

JPMorgan Chase Global Research says in a forecast to clients: "2022 will be the year of a full global recovery, an end of the global pandemic, and a return to normal conditions we had prior to the COVID-19 outbreak."

The big picture: The bullish report sees "a return of global mobility, and a release of pent-up demand from consumers (e.g. travel, services)."

Inside Trump's hunt for "disloyal" Republicans

Illustration: Aïda Amer/Axios

Donald Trump and his associates are systematically reshaping the Republican Party, working to install hand-picked loyalists across federal and state governments and destroy those he feels have been disloyal, sources close to the former president tell Axios.

Why it matters: If most or all of Trump’s candidates win, he will go into the 2024 election cycle with far more people willing to do his bidding who run the elections in key states.