Mass Opportunity Alliance in the News
Good morning, Boston. RIP, Pope Francis, who has died at age 88. I know many people aren’t working today, but I am here — bringing you the five things you need to know in local business news to start your Marathon Monday.
- Mitsubishi unit to open new innovation center in Cambridge
Eli Chavez reports that the Mitsubishi Electric Group plans to open its first U.S.-based global innovation center in Cambridge on May 8 at the MIT Media Lab.
- ALX program helps childcare providers add jobs, grow capacity
More workers returning to the office means more childcare needs statewide — and a local business group is working to help childcare providers grow and expand to help meet that need.
- Comfort Kitchen owners plan new restaurant, and more retail news
The founders of James Beard finalist Comfort Kitchen are planning a new restaurant, plus an Italian brand opens its first-in-the-U.S. location on Newbury Street, and more retail news from Grant Welker.
- Dassault Systèmes, Asics work together on ‘personalized’ running shoes
Hannah Green reports that Waltham design giant is working with running shoe manufacturers to offer amateur runners a shoe customized to their feet.
- Largest manufacturers, women-owned businesses in Mass.
The latest Weekly Edition highlights the largest women-owned businesses in Massachusetts, such as the ‘Quin House, as well as more than 80 of the largest manufacturers, ranked by total Mass. employees.
What else you need to know
By the numbers:
- $72 million — price paid by Home Depot Inc. for a large chunk of a Watertown property that hosts one of its stores (though Greg Ryan reports that a Boston real estate developer continues to have preliminary approval to put a lab building on part of the site)
- $364 million — latest projected deficit in the state fund to pay joblessness benefits by the end of 2029 — an estimate that one expert called “absurd”
- 200 — attendees at last week’s Business Journal “Moving Forward” event, which focused on managing diversity in the workplace
Pampered runners: Boston Marathon runners can present their marathon bib at any of MiniLuxe’s 13 Boston-area locations for 20% off a pedicure (for you and a friend).
Weekend box office: “Sinners” upended “Minecraft” with $45.6 million in receipts in a surprise Easter weekend box office.
Today in history: On this day in 2016, music icon Prince, 57, was found dead at his home in suburban Minneapolis from an accidental fentanyl overdose. (AP)
What’s good on WERS-FM: Growing Pains, by Trousdale
What I’m reading: Erasure, by Percival Everett
What I’m watching: The Americas, on NBC
A Marathon Tax:
Happy Patriots Day, everyone. Sure, today is a day commemorating the battles of Lexington and Concord, but it’s also Boston Marathon day — and a day when many workers in and around the city are not working. Me? I’m working, and will be heading to the office later this morning like always. But I do look forward to heading over to Boylston Street later today just to see all the runners and appreciate all of the celebrations.
Yet not everyone is celebrating today. One organization is using the marathon to point to the Bay State’s high taxes. The Mass Opportunity Alliance (MOA) released an analysis of the more than $1 million in cash prizes to be awarded to the race winners today, showing just how much those athletes are likely to take home after Massachusetts takes its cut of the prize money.
How does the commonwealth get away with that? Income earned in the state is taxed even if someone doesn’t live in Massachusetts. Factoring in federal and state income taxes, the alliance estimates that a $150,000 first-place reward could amount to just over $100,000 after taxes — a 32% decrease in value. And this issue isn’t just about the marathon. Professional athletes often must pay taxes to every city in which they play games — and try to claim residence in states with low or no income taxes.
But back to the marathon — and taxes. Chris Anderson, a founding member of the alliance (with the Massachusetts Competitive Partnership and Pioneer Institute) and president of the Massachusetts High Technology Council, had this to say in a statement about the state’s tax environment: “We’re encouraged by a House budget with no new taxes — a step toward addressing our affordability crisis — but to truly boost competitiveness, Massachusetts must go much further.