Wealthier investors will probably face higher taxes on dividends and capital gains under the tax deal struck in Washington, but few expect those changes to have much of an impact on the state’s mutual fund industry, a major employer in Boston.
Boston mutual fund executive Duncan Richardson said the changes could even help the industry by permanently extending many tax cuts that were in jeopardy. “It’s a great start to 2013 after all the drama,” said Richardson, chief equity investment officer for Eaton Vance Corp.
Andre Mayer, senior vice president for research at Associated Industries of Massachusetts, the state’s largest employers’ group, said the compromise reached Tuesday took away some economic uncertainty. Some companies may begin hiring again because they know next year’s tax rates, Mayer said, “but there are still very severe issues, particularly for any company doing most of their business with the government.”
Triton Systems Inc., a Chelmsford technology company that makes specialty coatings for missile systems and other defense products, decided Wednesday to put off hiring and capital investments for the second quarter in a row because it is unclear whether its contracts will be reduced or canceled.
“It’s a black box,” said Triton’s chief executive, Ross Haghighat. “The federal government is really doing a disservice” to contractors.
Triton and its subsidiaries received about $30 million from the federal government last year. The company and its affiliates have about 200 employees, including 100 in Chelmsford.
Prattville Machine & Tool Co., in Peabody, a family-owned business that employs 85, said it is already feeling the effects of a government spending slowdown. Owner Vincent Spinali said some components in his inventory are beginning to back up because government spending for them has been suspended.
“We’re still on shaky footing,” he said, “waiting for things to happen.”
Megan Woolhouse can be reached at firstname.lastname@example.org.