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Because NY considers a job lured from another state just as good as a newly created job; states play this game even in a stagnant economy. No need for jobs to actually be created if a state can cajole or bribe employers into relocating facilities and jobs.
NY is the bluest of blue states, run by a leftie governor.
Why is he promoting zero corporate tax, zero sales tax and other tax breaks stating that it will bring businesses to NY, therefore creating jobs?
On the city and state level it will work every time but on the federal level I am not so sure in a global economy. Most of federal tax breaks will end up in China's coffers and other countries. It worked great during Reagan but times have changed.
Tax breaks also keep corporations in place because they have the leverage over the city/state to say I can move to _______ and get a better rate unless you want to match the offer.
On the city and state level it will work every time but on the federal level I am not so sure in a global economy. Most of federal tax breaks will end up in China's coffers and other countries. It worked great during Reagan but times have changed.
Tax breaks also keep corporations in place because they have the leverage over the city/state to say I can move to _______ and get a better rate unless you want to match the offer.
Any entity that generates profit should pay tax. No breaks, no loopholes.
IF I have to pay 10% to the State of NY so should the company with profits of $10 million.
Because NY considers a job lured from another state just as good as a newly created job; states play this game even in a stagnant economy. No need for jobs to actually be created if a state can cajole or bribe employers into relocating facilities and jobs.
Yup, that's what most state level job creation is these days.
Any entity that generates profit should pay tax. No breaks, no loopholes.
IF I have to pay 10% to the State of NY so should the company with profits of $10 million.
Of course the argument from your type is never lower taxes for everyone, but rather raise it the same for everyone. Do you have a clue as to what is done with all that revenue?
Of course the argument from your type is never lower taxes for everyone, but rather raise it the same for everyone. Do you have a clue as to what is done with all that revenue?
You have no clue what "my type" is. You obviously have not read alot of my posts.
I would definitely lower taxes for everyone but these companies are paying ZILCH on the working taxpayers' backs.
Unfortunately we do need Government so some revenue is absolutely necessary.
Because NY considers a job lured from another state just as good as a newly created job; states play this game even in a stagnant economy. No need for jobs to actually be created if a state can cajole or bribe employers into relocating facilities and jobs.
Yep. Unfortunately that's how the game is played. States will offer huge tax breaks to a corporation, sometimes equaling hundreds of thousands of dollars per job "created." The hope is to make back the money through the secondary and tertiary jobs created to support the big employer. The car plants in southern states are good examples of this. New Yorks program seems to be geared towards start-ups and smaller companies to fill the void left by Kodak and other used to be large legacy employers in upstate and western NY.
It's income tax breaks beyond a point that has a negative impact on job creation. Why invest in employment or retooling a company when you can park it in stocks and have the return be greater than the tax incentive to reinvest?
I'd be all for lowering corporate taxes to compete with the likes of the UK, Ireland and the Netherlands, so long as the taxes on top income earners and dividends was raised significantly to compensate for the lost revenue.
NY is the bluest of blue states, run by a leftie governor.
Why is he promoting zero corporate tax, zero sales tax and other tax breaks stating that it will bring businesses to NY, therefore creating jobs?
You have no idea what the hell you are talking about if you think Andrew Cuomo is a leftie.
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