Amazon Pulls Out Of NYC Head Quarters Plan

[BPF2]

Giving tax breaks to lure companies is normal course of business. AOC talks about it as though NY was going to cut a check to Amazon. She even said "that's $3b we can spend elsewhere" (paraphrased). It isn't, not at all. Amazon was going to get $1.8b in grants - those are grants from already established programs. That money will go to someone else, but for essentially the same thing. Then they would get $1.2b in Excelsior credits - if all the job creation targets were met over a 10 year period. But the state/city would get $27.5b in revenues over 25 years. Not to mention the jobs created during construction (estimated 1,300), the indirect jobs created in and around the new building, infrastructure upgrades paid for by Amazon. And the new building was going to go in a designated "Opportunity Zone".

There are other ripple effects not considered either in the return. For example, property values should rise around the new building which equals higher property taxes.

[ravenmaniac4life]

Giving tax breaks to lure companies is normal course of business. AOC talks about it as though NY was going to cut a check to Amazon. She even said "that's $3b we can spend elsewhere" (paraphrased). It isn't, not at all. Amazon was going to get $1.8b in grants - those are grants from already established programs. That money will go to someone else, but for essentially the same thing. Then they would get $1.2b in Excelsior credits - if all the job creation targets were met over a 10 year period. But the state/city would get $27.5b in revenues over 25 years. Not to mention the jobs created during construction (estimated 1,300), the indirect jobs created in and around the new building, infrastructure upgrades paid for by Amazon. And the new building was going to go in a designated "Opportunity Zone".

There are other ripple effects not considered either in the return. For example, property values should rise around the new building which equals higher property taxes.

Someone should do a case study on the stupidity of voters in the 14th District in NY.

Elections have severe consequences.

[HbgPARavenfan]

Same stance I have with football owners, Amazon doesnt need tax breaks or public funding in the case of the NFL. good for NYC.

[BPF2]

Same stance I have with football owners, Amazon doesnt need tax breaks or public funding in the case of the NFL. good for NYC.

In a state/city that loves to spend how is losing out on $27.5b of revenue 25k jobs and revitalizing an entire area good for them?

[HbgPARavenfan]

In a state/city that loves to spend how is losing out on $27.5b of revenue 25k jobs and revitalizing an entire area good for them?

idk, there is no need for these giant companies to get tax breaks, same as nfl funding. The idea on its face value is ridiculous.

[boller4president]

New York is already facing a budget shortfall of 2.3 billion after the new tax code forced them to pay their fair share. Now they lose Amazon reality is going to hit their residents soon like a ton of bricks.

[blah3]

idk, there is no need for these giant companies to get tax breaks, same as nfl funding. The idea on its face value is ridiculous.

Right. So tax policies that suck for business is the way to go.

[boller4president]

Right. So tax policies that suck for business is the way to go.

Nothing is forcing them to offer tax breaks just like nothing is forcing Amazon to come to NY either. It's supposed to be a negotiation. 100 percent of 0 is still zero. AOC and the socialists of NY seem to not get this basic concept. Cuomo it's actually hilarious because he tries to explain this to his democrat collegues but it's like pissing in the wind. He's like you can't raise taxes on someone whose already left. They are gone as well as the revenue. The same applies to Amazon.

I don't even like Amazon as a company. Just as a FU to bezos I have my smile account set to NRA as a non-profit so anytime I am forced to purchase from them one percent goes to the NRA but if they came to my area I would be thrilled for my community. AOC and the rest of these democrats in NY are actually hurting their own residents to score cheap political points nationally.

[GreatWhiteNorthRaven]

Ottawa got an Amazon warehouse. People were fired up.

Business = good.

[ravenmaniac4life]

AOC and the rest of these democrats in NY are actually hurting their own residents to score cheap political points nationally.

It’s not just NY.

Isn’t this a theme for the entire party and the entire US?

[CarrollCoRaven]

idk, there is no need for these giant companies to get tax breaks, same as nfl funding. The idea on its face value is ridiculous.

Cuomo did not communicate properly that Amazon is going to be paying $27 billion in taxes over the course of 10 years. The tax break was not the elimination of taxes. It was just gonna be given a break of $3 billion. But nobody knows that Amazon was gonna pay $27 billion, because Cuomo is so bad at what he does. By the time he finished making his big announcement, what the people of New York heard was that Amazon is given a $3 billion tax break to move to New York and to open a headquarters.

The clueless one AOC is at it again.

https://www.rushlimbaugh.com/daily/2...ry-over-bezos/

And the way they interpreted that is, essentially, “Amazon is being paid $3 billion to come here? Screw that!” They failed to properly explain that the $3 billion was spread over 10 years and was just a portion of the $27 billion that Amazon was gonna be spending. So none of it exists now. Since Amazon’s not coming, there isn’t $27 billion — and, by the way, Cuomo could use that because he’s got all kinds of wealthy people leaving his state.

[CarrollCoRaven]

The state of Maryland offered Amazon lots of incentives to build a plant here but did not make the final cut.