Guess Who’s Making Sure Many Huge Corporations Stay Profitable?
By Jim Hightower
Posted February 25, 2018
The hustlers claim that job incentives are a sound investment of our tax dollars, because those new jobs create new taxpayers, meaning investments soon pay for themselves. Hmmm … not quite. In fact, not even close.
Last year, Good Jobs First tracked the 386 incentive deals since 1976 that gave at least $50 million to a corporation, and then it tallied the number of jobs created. The average cost per job was $658,427. Each! That’s likely far more than cities and states can recover through sales, property, income and all other taxes those jobholders would pay in their lifetimes. Worse, the rise of megadeals in the past 10 years has made the job-incentive argument mega-ridiculous: New York gave a $258-million subsidy to Yahoo and got 125 jobs — costing taxpayers $2 million per job. More…