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November 10, 2009

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Editorial: Another company says ‘bon voyage’

Tuesday, May 14, 2002 | 8:54 a.m.

Last Thursday shareholders of Stanley Works approved a plan to move the company's legal residence from Connecticut to Bermuda, but this is nothing more than a shell game by the toolmaker. Its main headquarters will stay in the United States, but the switch allows the company to take advantage of a loophole in U.S. law to avoid paying $30 million in federal taxes.

If the company carries through with this threat (Stanley Works announced Friday there would be a new vote after accusations that the first vote's notice to shareholders was confusing), other companies and individual taxpayers will have to make up for the loss created from the maneuver by Stanley Works and a growing number of other companies. These companies claim their tax rates are too high, putting them at a disadvantage with global competitors. But instead of renouncing their corporate citizenship, these companies should act like other Americans and make their case before Congress. Noboby, including a company's customers, likes a sore loser.

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