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To be fair they built nearly $10B worth of cars last year and contribute nearly $16B to the GDP of the nation.
They pay about $15 million in property taxes every year. One year of their taxes exceeds the cost of the bridge by at least two fold.
I paid about 50% of my income in taxes last year.
So the government ought to pay for home improvements for me (so that I don’t have to pay for them)?
If a capital expense for a private business has a decent rate of return, a private business should be able to- and should- pay for it. My tax dollars should not. If the rate of return for the capital expense is insufficient, then the expense shouldn’t be paid, neither by the business nor by government.
Corporate welfare can be just as damaging as welfare for people who could support themselves but don’t.
I hear you GSPNative on the taxes...but how many jobs is your home improvements generating through out the last 2 and half decades? You must have a castle or something.
BMW alone has over 10k people working. Suppliers outside of BMW is probably another 10K, with many in SC. What about the thousands that serve BMW in some fashion every day?
Since BMW was built over 25 years ago, they have been spending money building something just about every year in existence. At this moment, BMW is building the new warehouse across the highway. They are building a new extension to a warehouse inside the campus starting in a few weeks. They just dug up the road leading into the main entrance and are repaving it and added a new lane. They built a new training center.
Coming soon:
New Stamping Plant on campus
Extension to the existing battery plant
Long term - a brand new battery plant
Very long term - an entire new production hall
Very long term - an entire new paint shop
That's taxes going BACK into our local economy. If BMW was not in SC, do you think our area would be enjoying the standard of living we have now? Do you think the tax breaks given to BMW were wasteful or unjust?
I hear you GSPNative on the taxes...but how many jobs is your home improvements generating through out the last 2 and half decades? You must have a castle or something.
BMW alone has over 10k people working. Suppliers outside of BMW is probably another 10K, with many in SC. What about the thousands that serve BMW in some fashion every day?
Since BMW was built over 25 years ago, they have been spending money building something just about every year in existence. At this moment, BMW is building the new warehouse across the highway. They are building a new extension to a warehouse inside the campus starting in a few weeks. They just dug up the road leading into the main entrance and are repaving it and added a new lane. They built a new training center.
Coming soon:
New Stamping Plant on campus
Extension to the existing battery plant
Long term - a brand new battery plant
Very long term - an entire new production hall
Very long term - an entire new paint shop
That's taxes going BACK into our local economy. If BMW was not in SC, do you think our area would be enjoying the standard of living we have now? Do you think the tax breaks given to BMW were wasteful or unjust?
The solution is for NO government to give special tax incentives to ANY business.
If BMW gets a tax break, how is that fair to its competitors? And if the tax breaks get BMW to invest where it otherwise would not, that distorts the economy and leads to capital being used inefficiently. A dollar should be invested where it will get the highest rate of return, which won’t happen if tax incentives cause the dollar to be invested in an otherwise less-economical investment. In the aggregate, that’s bad for economic growth.
Also, if BMW came here due to tax incentives…how many businesses went elsewhere due to other areas’ tax incentives? Overall, how is that good for the country in the aggregate?
Finally, if it’s fine to give tax breaks to lure businesses, why shouldn’t tax breaks be given to other states’ high net worth individuals who can be similarly beneficial to SC? Why not dole out money to lure, for example, NYC hedge fund managers?
Over my career so far I’ve paid seven figures of taxes, and upkeep for my home does help support jobs (lawn care, renovations, repair people, housekeeping, etc.- in addition to my household fully covering several jobs right now- home health care aides). While what I’ve gotten back for all of the taxes that I’ve given to “that one” and Brandon is minimal, I am not going to ask for special favors from the government. Just as BMW can afford to pay for a capital expense for its business, I can afford to pay for home upkeep.
Last edited by GSPNative; 11-19-2021 at 06:55 AM..
If it was up to me, it would be federally illegal for states or localities to have special tax deals for anyone. Tax laws would be required to apply the same structure to everyone.
However, we don't live in such a world, and so SC can choose to either compete in this way for large employers, or refuse to play the game and probably lose them. And I think SC is better off overall by playing the game and getting the large employers in the area.
And lane shift Southbound started this morning to the new section/bridge.
Massive backups this morning southbound.
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