Despite attempts to shrink America’s safety net, state governments are doling out subsides, tax breaks and other incentives to major corporations.
The so-called deal-sweeteners offered by governors, state legislators and local city councils equates to billions of taxpayer dollars shifting hands from public to private for-profit entities.
Defenders of the corporate welfare system rest their hopes on future economic benefits, while critics question if the money spent lining the pockets of large corporations will actually lead to future revenue and job growth.
Here’s a list of this year’s largest subsidy deals:
- Amazon: Fresno, California offered the retail giant a $30 million incentive to build a $200 million order fulfillment warehouse. The incentive package incorporates property and sales tax rebates. The city has already spent $15 million preparing the proposed location with water, sewer and other utilities.
- Sagamore Development: The real-estate developer owned by Under Armour CEO Kevin Plank won a $660 million deal from the Baltimore Development Corporation to upgrade the industrial waterfront area of Port Covington.
- Continental Tire, the Americas, LLC: The Fort Mill, South Carolina-based subsidiary of the German automotive parts manufacturer Continental AG won a $596 million deal from the state of Mississippi to build a tire plant in Hinds County.
- Walt Disney: The entertainment giant received a $267 million from state taxpayers for a planned luxury hotel in Anaheim, California. The deal allows the company to keep 70 percent of the bed taxes collected from the hotel for 20 years.
SOURCE: Salon.com | PHOTO/VIDEO SOURCE: Getty
How Big Business Cashed In On Corporate Welfare In 2016 was originally published on newsone.com