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We decided it was ridiculous to offer $1.5 billion in incentives when we would never recoup that, so we protested. Amazon paid no federal taxes last year (http
by KingMob 7y ago
We decided it was ridiculous to offer $1.5 billion in incentives when we would never recoup that, so we protested.
Amazon paid no federal taxes last year (https://www.washingtonpost.com/us-policy/2019/02/16/amazon-paid-no-federal-taxes-billion-profits-last-year/?noredirect=on&utm_term=.4a1ffe4dd1d3 https://www.washingtonpost.com/us-policy/2019/02/16/amazon-p...), and probably would have figured out how to pay little corporate state tax. At the promised level of 25,000 jobs with an average $150,000 salary, the city (but not the state) would have only seen an extra ~$150mil in income taxes.
There's lots of ways to run the projections and factor various costs/benefits, but few of them would have resulted in a 10x improvement in the offhand estimates.
It was a bad investment for the city the same way most sports stadiums are.
- Grue3 7y agoSo what is the city doing with $1.5 billion that you freed up?
- TheCoelacanth 7y agoNothing, because it's not actual money that they have. It's money that Amazon would have owed had they moved there that they would have given back.