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The Great American Jobs Scam: Corporate Tax Dodging and the Myth of Job Creation

The Great American Jobs Scam: Corporate Tax Dodging and the Myth of Job Creation

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Foreword
Introduction: Money for Nothing
One: The Tax Dodgers Are Coming! The Tax Dodgers Are Coming!
Two: Site Location 101: How Companies Decide Where to Expand or Relocate
Three: Fantus and the Rise of the Economic War Among the States
Four: "Single Sales Factor" and the Corporate Assault on the Income Tax
Five: Property Tax Abatements and Your Local School
Six: Subsidizing Sprawl, Subsidizing Wal-Mart
Seven: Loot, Loot, Loot for the Home Team
Eight: Shifting the Burden
Nine: Building a New Consensus for Reform
Acknowledgments
Notes
Index
About the Author
What do Wal-Mart, Dell, Fidelity Investments, Boeing, and Cabela's have in common? They're all part of a $50 billion a year scam in which-in the name of "job creation"-corporations play states and cities against each other to win hefty taxpayer subsidies that routinely exceed $100,000 per job. But do they provide more jobs, higher wages, or improved living standards in exchange? Greg LeRoy exposes these deals for what they are-no-strings-attached free rides for corporations that rarely create any new jobs. In fact, after securing these packages, many companies lay people off, pay poverty wages, or even relocate to other states.
This is the Great American Jobs Scam: a costly bait-and-switch that swindles communities in more ways than one. They lose jobs-or gain jobs so low-paying they do nothing to help the community-and they lose revenue through massive corporate tax breaks. That means fewer resources for maintaining schools, public services, and infrastructure.

LeRoy exposes corporations' careful orchestration of this scam, dissects government and corporate mumbo-jumbo with plain talk, and offers commonsense reforms that will give taxpayers powerful new tools to protect our communities.

Mehr zum Thema

    Business / Economics / Finance; BUSINESS & ECONOMICS / Taxation / Corporate; POLITICAL SCIENCE / Labor & Industrial Relations; POLITICAL SCIENCE / American Government / General

Produktdetails

Autor: Greg Leroy
ISBN-13: 9781576753156
ISBN: 1576753158
Einband: Buch
Seiten: 290
Gewicht: 617 g
Format: 241x164x27 mm
Sprache: Englisch
Autor: Greg Leroy
Greg LeRoy has more than 25 years experience, directs Good Jobs First, a national resource center he founded in 1998 to promote corporate and government accountability in economic development and smart growth for working families.
Money for Nothing

Lurking within the records of most cities and states in America there lies a scandal. A tax scandal. A jobs scandal. A corporate and political scandal.

Look up the names of corporations that have received taxpayer subsidies in the name of jobs. Almost every big company has gotten them. In fact, the average state now has more than thirty economic development subsidies, many of which are locally granted by cities and counties. These subsidies include property tax abatements, corporate income tax credits, sales and excise tax exemptions, tax increment financing, low-interest loans and loan guarantees, free land and land write-downs, training grants, infrastructure aid-and just plain cash grants.

Chances are you will find companies-many companies-that have failed to create or retain as many jobs as they said they would. Companies that are paying poverty wages or failing to provide healthcare to their employees. Companies that are abandoning our cities and sprawling onto farmland and natural spaces. Even companies that are outsourcing jobs offshore.

Dig a little deeper and you'll undoubtedly find companies that have not created any new jobs-even some that have actually laid people off since they got the subsidies. Other companies that have gotten paid just to move existing jobs from one place to another, where they are proclaimed to be "new jobs."2

How can companies get away with this? Because the system is rigged. Corporations have it down to a science. They have learned how to chant "jobs, jobs, jobs" to win huge corporate tax breaks-and still do whatever they wanted to all along.

That's the Great American Jobs Scam: an intentionally constructed system that enables corporations to exact huge taxpayer subsidies by promising quality jobs-and then lets them fail to deliver. The other benefit often promised-higher tax revenues-often proves false or exaggerated as well.

This system costs taxpayers an estimated $50 billion a year in total spending by states and cities.1 The bottom of the iceberg-in every sense of the word-is the tax breaks. Those granted by states-income, sales, and excise taxes-are the least visible, least accountable, and most corrosive means by which states fund job creation. Those granted locally-in particular, property tax abatements and diversions-are especially harmful to schools.

This system has a long history and many moving parts. It can be traced at least as far back as the Great Depression, but it really matured by the 1970s. By then, most of the key actors were in place: secretive site location consultants who specialize in playing states and cities against each other; "business climate" experts, with their highly politicized interpretations of tax and jobs data; and an organized corporate network orchestrating attacks on state tax systems.

Today, this $50 billion-a-year pot has attracted an even more elaborate cast of characters: rented consultants proffering rosy projections about job creation and tax revenue; subsidy-tracking consultants to help companies avoid leaving money on the table; and even an embryonic industry that's helping businesses buy and sell economic development tax credits.

Perhaps we could overlook all this chicanery if the rising tide of money were lifting all the boats. But in return for all our taxpayer dollars we are not getting higher wages, better benefits, a stronger tax base, or better public services. Instead, for the last quarter century, most workers' wages have stagnated or fallen, healthcare has become less affordable and available, and pensions have shrunk in number and value. States and cities have developed structural budget deficits, forcing cutbacks in everything from school programs to infrastructure maintenance.3

The only clear winners are large corporations. In return for building new facilities in many states, companies are actually getting negative income tax

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Autor: Greg Leroy
ISBN-13:: 9781576753156
ISBN: 1576753158
Erscheinungsjahr: 01.07.2005
Verlag: BERRETT-KOEHLER
Gewicht: 617g
Seiten: 290
Sprache: Englisch
Sonstiges: Buch, 241x164x27 mm