Posted on 10/19/2017 10:27:39 AM PDT by SeekAndFind
U.S. cities are offering Amazon.com Inc (AMZN.O) at least as much as $7 billion in tax breaks ahead of a Thursday deadline as they compete to house its second headquarters.
The world’s largest online retailer has won promises from elected officials who are eager for the $5 billion-plus investment and up to 50,000 jobs that will come with “Amazon HQ2.”
New Jersey proposed $7 billion in potential credits against state and city taxes if Amazon locates in Newark and sticks to hiring commitments, according to a Monday news release from the governor’s office.
Across the Hudson River, New York City made a proposal without incentives special for Amazon, though the state is expected to offer some, a spokesman for the city’s economic development corporation said on Wednesday.
And across the country, California is offering some $300 million in incentives over several years and other benefits, the governor said in an Oct. 11 letter to Amazon’s Chief Executive Jeff Bezos, published online by the Orange County Register.
Dozens of cities and states have expressed interest in HQ2. Credit ratings and research company Moody’s has ranked Austin as the most likely to win based on its labor pool, costs of doing business and quality of life, among other criteria.
Austin is also the headquarters of Whole Foods Market, which Amazon recently acquired.
(Excerpt) Read more at reuters.com ...
This is wrong, even if legal. The politicians take your money to bribe companies to locate there, and then the politicians crow about what they did for jobs.
Your money being spent.
Of course, they won’t give you a cent to locate your small business there.
So NJ offers $7 billion and it’s not considered the “most likely” location?
That shows how bad things are in NJ.
It would be in Newark NJ - and yes, things are bad there. The biggest obstacle is probably the hiring issue (where a certain percentage must be hired locally); not too many Newark residents fit into a modern economy, and companies are tired of hiring dead weight to meet these agreements. Also, many companies doing business in Newark have a hard time attracting talent from surrounding areas; nowadays people are much more likely to commute from one suburb to another for work.
There’s no Welfare Queen like a Corporate Welfare Queen.
Crony-capitalism and asinine political central planning at its finest.
I run a small business - no one ever offered me tax breaks or subsidies to hire people. I have no lawyers or consultants who can shmooz government officials.
I thought I heard they had already chosen a city in Ohio?
Go Austin!
So the rest of Texas is not further contaminated by the hiring practices of amazon.
.
Of this you can be certain: The winning city will be west of the Mississippi AND be considered “cool”.
There will also be a large university system near by.
All I know is that my home town, Lexington, KY, is one of the candidates being considered, because they already have a warehouse here.
“Your money being spent.”
Ludicrous.
They don’t expend a single penny. They just forgo tax collections for a time.
Whatever city wins this will be economically transformed. And culturally too, for better or worse.
I’d give odds of 99% that in ends up in or near Austin TX. I’d even bet that was the plan all along, but Bezo’s trying to maximize the amount of corporate welfare he can get by having a bidding process....i.e.. taking my money and giving it to the richest person on the planet.
“taking my money”
That’s silly.
No government entity will take money from you and give it to Amazon. That’s DEMOCRAT thinking.
They will simply give Amazon a tax break, forgo the collection of taxes.
It won’t “cost” you or the city a single red cent.
All of this hoopla sounds like a city trying to help an NFL team build a new stadium with taxpayer dollars. Maybe Amazon can raise the bar and require that each bid includes a place for the Chargers to call home.
“So NJ offers $7 billion and it’s not considered the “most likely” location?
That shows how bad things are in NJ.”
Just dont give it to Chicago. That little prick Rahm Emanuel doesnt deserve anything but a life sentence.
It will be Austin or Dallas.
>>They don’t expend a single penny. They just forgo tax collections for a time.
That sounds like liberal-double-speak to me. The government needs money to run, what they don’t take from amazon because of tax-giveaways that I don’t get as a small business, they take from me instead.
That is EXACTLY the same thing as taking it from me and giving it to amazon.
Loudoun County.
Well, except your taxes don’t go up and govt expenditure don’t either.
Not as a result of the Amazon deal anyway.
However, it will bring in 50,000 new tax payers making over $100k per year.
Housing prices will skyrocket as will local treasuries. Small businesses will boom, new businesses will spring up.
They are democrat latrines too.
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