Ive read that the state senator who claims he was responsible for opposing Amazon setting up shop in his district did so because Cuomo and Commissar mayor De Blasio didnt consult with him.
A mayor and a sitting governor didnt consult with a state senator before attempting to make the deal.
poor baby, well your ego just cost the city and state some future revenue and spin offs, but of course he doesnt care as he is getting a salary no matter what he does.
Americanâs shouldnât have to pay with their hard earned tax dollars for a decent paying job. Companies that gross over 11 billion a year should exercise a cogent responsibility to the customers who put them there.
Well, if youâre talking about the bribes local governments feel they must offer I would agree that they should be outlawed, we could call the bill the Let the Billionaires Build their Own Damn Sports Palaces and Etc Act in light of the most agregious form of said shakedown.
Communities should compete based on their actual business environment, not some contrived situation where the big boys get a hand out whilst all local businesses and population get told to bend over because here it goes, again.
If US States arenât willing to compete for jobs, there are plenty of foreign countries willing to pick up the slack.
If a local/state government offers 3 billion for 27 billion in futures wages/jobs is that a bad thing? That doesnât include the money sent by businesses to serve the new employees.
Probably the worst investment communities make are subsidizing sports stadiums.
They bring low paying jobs and add little to the community vs. A high tech corporate office that brings very good paying jobs to a community.
But Cortez won, the people lost but that is best for everyone isnât it. Th people can keep their falling down warehouse district and Amazon keeps their money.
A win win.
p.s. Business provide goods and services to consumers, people get to chose to buy or not to buy. Outside that the business own nothing to the consumer,â
Sports venue are a bad deal. But you get the honor of sitting at home cheering the home team as most cannot afford a ticket.
They owners win, the fans lose at very turn.
W have a nifty baseball team that we built a facility, they have never made the playoffs, the people get low paying jobs unlike an amazon deal and it sits vacant for over 300 days a year.
Another great investment that sits next to the empty football stadium.
The hockey facility was built with private money and is owned by a private company. Unlike the pubic stadiums its use throughout the year for various venues as it benefits the owners of the facility and they want to make money.
Amazon paid zero taxes on 11 billion dollars last year. Why does any company like that deserve tax breaks?
Also of the 3 billion in âincentivesâ 500 million was in grants and the remainder in tax breaks. Isnât there a better way to spend that 500 million without given corporate welfare to one of the riches companies on earth?
That is a great point Lou! I for one hate it when a professional sports team holds a city hostage for wanting Tax payer monies to fund their lavish lifestyles. We seen it in places like Seattle where they lost their basketball team, or San Diego when they decided to move to LA, and now Oakland might be next moving to Las Vegas. But in the case with Amazon, this was simply a tax abatement incentive to entice a business to set up shop in the state which would have in addition to the jobs they would be offering, but other surrounding businesses that would have been been generated with the influx of people it would have attracted to the area such as housing, dry cleaning, restaurants, etc., etc.! Why leftists can not or refuse to see that side of the argument just goes to show how ignorant their views are on how economics work.
Itâs a shakedown.
20char
Every business in the US pays zero in taxes. Some just take more from the consumer to give to Sammy.
But then again thatâs a business concept few understand. Taxes are a cost of doing business and built into the cost of goods and services.
p.s. Amazon like GE and other companies use the tax laws just like every American avoiding as much as legally possibly to pay the least amount possibly. Itâs how 45% of workers pay zero in income taxes.
And imagine a Clinton compromise allowed companies that are publicly traded to offer stock options to their employees that is ultimately tax deductible, is the reason why Amazon is seen as not paying any Federal taxes. Its not Amazonâs fault that they have a team of lawyers that know how to navigate the tax code.
According to snopes:
Publicly-traded corporations can list the stock options they grant to employees as a business cost in their accounting, and if an option-receiving employee makes over $1 million a year in salary, the profits from the sale of those stocks can be then counted as a federal income tax deduction for the corporation (primarily due to a Clinton-era compromise over how to cap executive pay). Stock options allow an employee to purchase stock in their employerâs company at a set price, regardless of its current market value:
In the cases of their highest paid employees, Amazon and other companies are able to deduct the âmassive differenceâ employees make when they sell that stock at a profit. According to the Center for Tax Justice, âbecause companies typically low-ball the estimated values, they usually end up with much bigger tax write-offs than the amounts they deduct as a âcostâ in computing the profits they report to shareholders.â The $917 million in stock-based compensation listed in Amazonâs SEC filing likely stems from their top employeesâ cashing in on their stock options for a large profit.
While it is impossible to know the exact amount of money Amazon did or did not pay to the federal government in 2017, their own accounting suggests that they expected their federal corporate income tax burden to be negative that year.
You are answering a question I didnât askâŚ
Amazon is one of the riches companies in the world⌠why do they pay zero taxes AND get a 3 billion dollar tax break?
I am speaking of the principle of that concept⌠why should we be ok with this?
Iâm mystified at how little they understand about business and how that operate. Iâm also stunned by people who say look amazon paid no tax on 11 billion.
Thy are clueless.
Ask yourself, without incentives, why would Amazon chose NY as they are one of the highest taxed states in the country?
Or California for that matter! But any person who knows business is not into to being fleeced by taxes and are going to go where the climate is favorable to their interests.
What part of they fie their taxes just like you. They take advantage of every write off just like you.
They do exactly like every American that pays no Federal Income tax however when they do pay a tax the consumer reimburses the.
Did you know that business sets profitability targets and they hit that target regardless of how much they pay Sammy. They raise their prices to to cover all costs including taxes.
My price for services include all the taxes I pay in my business. Expenses are not includes in they service charge.
Itâs why foreign auto companies are building in the south and not California or NY without massive incentive.
Actually, the customers SHOULD pay for all aspects of their goods and services. No one should be getting sweetheart deals that essentially help them offer goods and services less expensively than their competitors.
You can bet all the small businesses competing against Amazon donât get these sweetheart deals.
Itâs an oversimplification but in the South we âgot ridâ of a lot of our Democrats (sadly not all of them though) and got things like right to work while in the rustiest bits of Rust Belt they largely kept their Democrats.
If NYC didnt have its port and financial services core that this generation inherited from less progressive generations then even Rudy couldnât have done anything to help.
You didnât answer my question. Instead of answering my question you proceed to tell me how taxes work. I never claimed to not know how they worked.
Again, why should one of the richest companies in the world⌠who is profitable⌠and paying zero taxes⌠be given MORE welfare from the middle class?
And small business not bring 25K jobs to an area either. A small business that has 10 employees are likely not to pay them well either.