Somewhere around 8%. I’m paywalled on my phone so I can’t get the exact number until I can get back to the office. It’s low but still not zero.
It is low. The corp rate is 21% cut from 35%...which we know they weren't even paying. I get even more pissed when I read such BS as NJs EDA giving away billions with poor accountability relating to job creation and retention. I'm sure we're not the only state that does it. If you're a super profitable corp, pay your own way for expansion and/or re-location. They threaten to leave and states trip all over themselves to rimjob 'em. If anything the states should be assisting small to mid-sized companies that may need a hand.
Big Banks doing aight under Trump giveaway: The Tax Cut and Jobs Act helped power the biggest U.S. banks to record profits for the second straight year. Why it matters: The tax cut was sold as a way to revitalize hiring and spending by American companies to boost the economy and help struggling workers, but the windfall is largely staying with banks and their shareholders. But rather than use the money to hire a bonanza of workers or invest in big new capital projects or equipment, the banks used it largely to buy back stock and pad their balance sheets, data analysis from Bloomberg shows. By the numbers: JPMorgan, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley announced earnings this week showing they saved $18 billion in 2019, and their average effective tax rate fell to 18% from 20%. Banks had previously paid effective tax rates of around 30%, Bloomberg found. The tax savings helped the six firms post $120 billion in net income for 2019, slightly higher than the previous record for profits set in 2018. Until the tax cuts, the six banks had never surpassed $100 billion https://www.axios.com/banks-profits-trump-tax-cuts-73277c11-b2fa-4e65-8c9e-9c9dfbff688b.html
My wife recently started to work for Panasonic. She's at the battery factory in Reno where they make the cells for Tesla, so she doesn't have much to do with the rest of Panasonic North America, which sells microwaves and TVs and stuff. But those guys are based in New Jersey. A few years ago, they took advantage of some NJ state funding to move their headquarters to Newark. Big win for then-mayor Cory Booker, bringing the US headquarters of a major consumer electronics company to Newark! Had to promise them tax incentives and stuff, but totally worth it to bring those jobs to Newark, amirite? The problem was, their previous headquarters was in Secaucus, which is, what, ten miles away? Still in New Jersey. Not actually bringing jobs to New Jersey, just moving them a few miles down the highway, and losing tax revenue for the state in the process. Great job, EDA!
Yep, just down the Turnpike. That's one example of "go DIY, mega corp" or stay where you are. But who can really blame corporations when the state basically opens up the kitty?
I always get a response of "you can't be serious" when I tell people not to believe big promises. Whether it's sports venues or business districts, it always ends in disappointment and wasted time. People don't want to believe it and then later on, they realize they've been played. I saw this a bunch with the new Red WIngs arena. A few years ago, Detroit got a new arena called Little Caesar's arena for the Detroit Red Wings along with the Pistons, they promised all these new developments. The area's name? District Detroit (How stupid). There were retail developments promised, all these businesses, complete with these renderings showing crowds of people on Tigers days, Red Wings games, and so on. State of Michigan, with a Republican governor, pretty much gives them several tax incentives. Oh, and it comes from the funds meant for public schools. There was a lot of push back and it is getting paid back, but still, that's money meant for schools. So, the Red Wings and the Pistons get their new arena, it's heralded as a big thing, everyone's happy. Until some things occur. Issue has been that District Detroit is nothing more than parking lots. Along with several delays. Throw in that the Tigers and the Wings have been bad, and well, let's just say people aren't happy. HBO did a report on the project and several local publications too, all critical. Oh, and arenas have never been steady job type places.
NY Times endorsement fail. They went for Warren and Kloubchar. I endorse the Chiefs and the 49ers to win the Super Bowl.— Dan Rather (@DanRather) January 20, 2020
This reminds me of when the proposal for the new National Geospatial Agency HQ2 went out. NGA is basically mapping, imagery and sensory intel. The current NGA HQ2 is in St Louis just south of downtown along the river. Outside of St Louis, the usual suspects like Denver bid. Within the STL metro, there were 3 separate bids: across the river in IL near Scott AFB, an STL city bid and an STL county bid. Talk about lack of coordination. Luckily the city won and they didn’t need to give away the farm to keep them. They took a bunch of land in north city via eminent domain, most of which was vacant land anyway. It helped that the fed doesn’t pay property tax anyway, so they couldn’t ask for that back. 4000 jobs at a median salary of 80k is a huge deal in a low cost metro. Especially in a city that relies upon earnings tax for revenue. This is one of the rare cases where the development packages tossed around in that area actually make sense...but only because there’s not much tax revenue being generated in the area anyway. The MLS stadium (mainly owner funded on an abandoned freeway junction), aquarium, NGA, updated hospital, and a mixed use facility on a former brownfield are all going (or have gone) in
Wouldn't the more appropriate comparison would be to endorse the Pakers and the Titans before the games were played? I like Kloubchar and she would get my vote if she is still around when Illinois votes, but I am pretty sure she will drop off the race by then. Warren, she may still be on the ballot.
Chicago mayor giving public housing land to the MLS franchise... Weeks after Mayor Lightfoot helped push through a deal that turn over public housing land to the @ChicagoFire, the soccer team's billionaire owner donated $25K to Lightfoot's reelection campaign. https://t.co/4jOoJpD4Sn— ProPublica (@propublica) December 1, 2022
Only $25K to a Chicago mayor? Man, mayors are getting cheap out there. She driving a new Escalade at least? Lake house somewhere?
Concentrated public housing is a nightmare. People cannot improve their lives because if they make more money they will lose their home.
Obviously the correct measure is to give up city property for free so a corporation can build a non-housing building.
idk man but there’s a reason why the USA has the highest rate of single parenthood IN THE WORLD and terrible incentives from government programs are on of them.
Yeah, I'm definitely in favor of these awesome billionaires paying the freight. But if they do get gub'mint cheese, they pay it back with future profits. But knowing our marvelous 'Merican accounting rules, they'll likely never turn a profit. And people generally forget unless sports team folds up shop and then it's a 1 or 2 day news story.
Story of the Atlantic League "suckering" NJ pols onto financing baseball stadiums in largely AA cities that aren't much into baseball nowadays. I went to a few Newark Bears games BITD and it was largely Whitelandians from the burbs. These ventures failed of course. Let’s begin with then–New Jersey Gov. Christie Whitman, who provided tens of millions of dollars in tax money to build the three stadiums between 1998 and 2001, at the opening of the Camden Riversharks stadium in 2001: “These partners have heard the message from the movie Field of Dreams: ‘If you build it, they will come,'” Whitman said. “Soon we will see a field of dreams right here in Camden, and my prediction is they will come.” Yes, she actually said it! And the fans did come, at first, because everybody wants to check out the new team and the new riverfront stadium and get some new gear with a cool logo of a shark with a bat in its teeth. Then the novelty wore off, and they stopped coming so much: According to Deadspin, attendance the Riversharks’ final season in 2015 was less than half of capacity, and even that was goosed with lots of free tickets handed out. Then the team folded and moved to New Britain, Connecticut. Things didn’t go much better for the Newark Bears or the Atlantic City Surf, neither of which managed to reach voting age, either. (I have previously written about my attendance at the Bears’ last gasp, a tragicomic liquidation sale that largely featured old mascot heads.) But really, that’s to be expected in minor-league baseball, especially independent minor-league baseball, where you can’t even depend on fans of the major-league affiliate turning out to check out players who might some day play for the big club — or the major-league affiliate covering player salaries to help a club through lean attendance years. https://www.fieldofschemes.com/category/minor-leagues/minor-league-baseball/newark-bears/
Jesus. The ghost of Mayor Daley the Elder is slapping his ethereal forehead after that epic failure to cash in.
Yeah, many cities are busy converting their public housing through RAD. If Chicago is giving those residents a Section 8 voucher to find their own housing, that’s a big win. True, but it’s conservatives and neoliberals driving means testing. It ain’t liberals.