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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

Major regulator makes 11th-hour move to sink banks' oil limits

Illustration: Aïda Amer/Axios

A major regulator is racing to thwart big banks' refusal to lend and service certain industries and projects — including Arctic oil drilling and new coal mining.

Why it matters: America's biggest banks are increasingly scaling back ties with fossil fuel, prison and gun-manufacturing businesses amid public pressure and changing investment preferences.

Biden's dull-by-design plan

Photo: Joe Raedle/Getty Images

The most remarkable part of President-elect Biden’s campaign and early picks for positions of true power is the unremarkable — and predictable — nature of his big moves. 

Why it matters: Biden is obsessed with bringing stability and conventional sanity back to governance. "He is approaching this — in part — like an experienced mechanic intent on repairing something that's been badly broken," said one source familiar with the president-elect's thinking.

Scoop: Blackstone CEO Stephen Schwarzman says Trump lost

Trump with Schwarzman in 2017. Photo: Chip Somodevilla/Getty Images

It's over. That's what Blackstone chairman, CEO and co-founder Steve Schwarzman — one of President Trump's most loyal allies — and other top Republicans are signaling to the defeated president, 16 days after Joe Biden clinched the win.

Why it matters: It’s all theatrics now. Even if Trump doesn't move on fast, you can. It is safe to ignore the fearful Republicans who insist the process is legit and plausible, because they tell us privately it is not.