4 ms·
Tax subsidies like you describe here don’t just hurt the state being taken advantage of, it hurts the entire country because no one is getting that tax revenue.
by ninth_ant 3y ago
Tax subsidies like you describe here don’t just hurt the state being taken advantage of, it hurts the entire country because no one is getting that tax revenue.
Instead of a business paying their share, all that money is instead transferred to the already-rich owners and investors (and yes, the corrupt officials in the local state).
It’s a prisoners-dilemma style arrangement for the benefit of the already rich and powerful.
If it’s not Louisiana, they’ll find some other suckers to bribe.
- MisterBastahrd 3y agoIt is particularly endemic to Louisiana which has an insane amount of chemical factories due to proximity to the Gulf of Mexico and the Mississippi River. All of them are getting tax breaks even though many have been here for 50 years and couldn't move if they wanted to.
- sitkack 3y agoAnd probably would owe more than they are worth if charged with cleaning up all the pollution they have caused.
- philistine 3y agoA while ago, research came out that showed that the California oil industry had not squirreled away enough money, and there were not enough profits in the future, to clean everything. https://www.propublica.org/article/cost-of-california-oil-cleanup-exceeds-industry-profits https://www.propublica.org/article/cost-of-california-oil-cl...
- pc86 3y agoIf you have evidence politicians are getting kickbacks out of that $47M tax break you'll be famous before the end of the week.
- xorbax 3y ago[flagged]