Here is the handout (corporate welfare) Amazon (and, by extension, Amazon’s CEO, Jeff Bezos, who is history’s richest man) is receiving in exchange for siting new offices in New York, Virginia, and Nashville:
Incentives from New York state: $1.525 billion:
$1.2 billion in refundable tax credits over 10 years.
$325 million from Empire State Development.
Incentives from New York City:
Property-tax abatements for up to 25 years.
$900 million in job-creation tax credits, plus other unspecified tax credits.
Incentives from Virginia:
$550 million cash grant over 12 years, plus potentially an additional $200 million based on future job creation.
Incentives from Arlington:
$23 million in cash over 15 years.
Incentives from the Tennessee:
$65 million cash grant.
$21.7 million in state tax credits.
Incentives from Nashville:
$15 million cash payment based on job creation.
Add them up and you will see the biggest corporate giveaway in our history. Corporate welfare and crony capitalism are indeed alive and well in the good old U.S.A.
Of course, it’s not news to anyone that capitalism has no ethics or morals. The only question is, will such a system override every other value and principle this country professes to hold dear? Will the rich and powerful demonstrate some ethics and morality on their own? Continue reading