TV News LIES

Monday, Mar 30th

Last update01:34:25 AM GMT

You are here News Economy As Companies Seek Tax Deals, Governments Pay High Price

As Companies Seek Tax Deals, Governments Pay High Price

E-mail Print PDF

Corporate tax dealsA Times investigation has examined and tallied thousands of local incentives granted nationwide and has found that states, counties and cities are giving up more than $80 billion each year to companies. The beneficiaries come from virtually every corner of the corporate world, encompassing oil and coal conglomerates, technology and entertainment companies, banks and big-box retail chains.

The cost of the awards is certainly far higher. A full accounting, The Times discovered, is not possible because the incentives are granted by thousands of government agencies and officials, and many do not know the value of all their awards. Nor do they know if the money was worth it because they rarely track how many jobs are created. Even where officials do track incentives, they acknowledge that it is impossible to know whether the jobs would have been created without the aid.

“How can you even talk about rationalizing what you’re doing when you don’t even know what you’re doing?” said Timothy J. Bartik, a senior economist at the W.E. Upjohn Institute for Employment Research in Kalamazoo, Mich.

The Times analyzed more than 150,000 awards and created a searchable database of incentive spending. The survey was supplemented by interviews with more than 100 officials in government and business organizations as well as corporate executives and consultants.

A portrait arises of mayors and governors who are desperate to create jobs, outmatched by multinational corporations and short on tools to fact-check what companies tell them. Many of the officials said they feared that companies would move jobs overseas if they did not get subsidies in the United States.

Over the years, corporations have increasingly exploited that fear, creating a high-stakes bazaar where they pit local officials against one another to get the most lucrative packages. States compete with other states, cities compete with surrounding suburbs, and even small towns have entered the race with the goal of defeating their neighbors.

TVNL Comment: This is just a small example of the evils of predatory capitalism.  It has to change....

More...

 

 

 


Most Recent Related Stories...


Feds aim to protect low-income users of ‘payday’ loans

payday loansEach month, more than 200,000 needy U.S. households take out what’s advertised as a brief loan.Many...

AIG investors' $970.5 million settlement wins U.S. court approval

AIG settlementAmerican International Group Inc (AIG.N) shareholders won approval on Friday of a $970.5 million settlement resolving...

Exposing America's Billionaire Welfare Ranchers

billionaire welfare ranchersAmericans love ranchers: Gritty ranchers, mom-and-pop ranchers, renegade ranchers — especially those who raise livestock on...

$10 Million Subsidy Allows Time Inc. To Cut Over 900 Jobs With No Penalty

Time, Inc.Despite being given a $10 million job-creation subsidy by New York State, Time Inc. will still...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!