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The Warped US Tax System: Taxpayers Subsidize Their Own Destruction

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Donnachaidh Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 04:14 PM
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The Warped US Tax System: Taxpayers Subsidize Their Own Destruction
http://www.thenation.com/blog/160129/warped-us-tax-syst...

One of the more interesting battles being waged right now is between labor and Boeing, the aerospace and defense corporation. The National Labor Relations Board accuses the company of illegally retaliating against its largest union when it decided in 2009 to put a second 787 Dreamliner assembly line in a nonunion plant in South Carolina.

Originally, Boeing intended to construct the Dreamliner in Washington, but only if the state approved a twenty-year, $3.2 billion package of tax credits. Officials ultimately conceded, but Boeing took its toys and went to play elsewhere anyway when South Carolina lured it across state lines with the promise of a whopping $900 million subsidy package a k a taxpayer dollars, and a nonunion plant to set up shop in.

Boeing also happens to be one of the shining examples of government-subsidized businesses that pay meager amounts of state and local taxes. In 2010, Boeing received a net tax refund of $137 million from state and local governments despite earning more than $4 billion in pretax profits.

The company has always defended these kinds of practices by claiming its a great jobs generator. Of course, one need only glance at South Carolinas jobless statistics, which are well above the national average, to see that claim stands on shaky legs. In a state that provides some of the least generous jobless benefits in the union, its difficult to see just how shelling out massive subsidies to an anti-union company like Boeing provides for a majority of South Carolinians.

More at the link --
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