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Mon Dec 3, 2012, 01:40 AM

 

As Companies Seek Tax Deals, Governments Pay High Price

For years, mayors and governors anxious about local jobs had agreed to G.M.’s demands for cash rewards, free buildings, worker training and lucrative tax breaks. As late as 2007, the company was telling local officials that these sorts of incentives would “further G.M.’s strong relationship” with them and be a “win/win situation,” according to town council notes from one Michigan community.

Yet at least 50 properties on the 2009 liquidation list were in towns and states that had awarded incentives, adding up to billions in taxpayer dollars, according to data compiled by The New York Times...

A 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 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.

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...

Search your state here:

http://www.nytimes.com/interactive/2012/12/01/us/government-incentives.html

http://www.nytimes.com/2012/12/02/us/how-local-taxpayers-bankroll-corporations.html?_r=0

One of the reasons states & localities are having budget crises...

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Reply As Companies Seek Tax Deals, Governments Pay High Price (Original post)
HiPointDem Dec 2012 OP
limpyhobbler Dec 2012 #1

Response to HiPointDem (Original post)

Mon Dec 10, 2012, 09:37 PM

1. belated kick.

I just independently stumbled across the same article and was going to post it but decided to search first to check whether anybody already posted it.

Good article and the clicky map is also good.

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