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Do you support coporate welfare?
Is this corporate welfare?
Amazon is a trillion dollar company. Should taxpayers pay for their incentives?
New York state is kicking in more than $1.5 billion in taxpayer-funded incentives for getting half of Amazon's second headquarters located in a section of Queens.
Amazon will also receive as-yet unspecified incentives from New York City.
New York state's incentives are nearly triple those of Virginia's, while Tennessee's are $102 million.
According to Amazon, the cost per job for New York taxpayers is $48,000, compared to $22,000 for Virginia and $13,000 for Tennessee.
In a statement released by Amazon, Cuomo called the agreement "one of the largest, most competitive economic development investments in U.S. history."
New York City Council Speaker Corey Johnson issued a statement saying: "Amazon is one of the richest companies in the world...I also don’t understand why a company as rich as Amazon would need nearly $2 billion in public money for its expansion plans at a time when New York desperately needs money for affordable housing, transportation, infrastructure and education."
Incentives offered to Amazon:
— Performance-based direct incentives of $1.525 billion, based on 25,000 full-time, high-paying jobs created. This includes a refundable tax credit of up to $1.2 billion calculated as a percentage of the salaries Amazon expects to pay employees over the next 10 years, which equates to $48,000 per job for 25,000 jobs with an average wage of over $150,000.
— Cash grant of $325 million based on the square footage of buildings occupied in the next 10 years.
http://www.fox5ny.com/news/48k-per-amazon-hq-job
Is this corporate welfare?
Amazon is a trillion dollar company. Should taxpayers pay for their incentives?
New York state is kicking in more than $1.5 billion in taxpayer-funded incentives for getting half of Amazon's second headquarters located in a section of Queens.
Amazon will also receive as-yet unspecified incentives from New York City.
New York state's incentives are nearly triple those of Virginia's, while Tennessee's are $102 million.
According to Amazon, the cost per job for New York taxpayers is $48,000, compared to $22,000 for Virginia and $13,000 for Tennessee.
In a statement released by Amazon, Cuomo called the agreement "one of the largest, most competitive economic development investments in U.S. history."
New York City Council Speaker Corey Johnson issued a statement saying: "Amazon is one of the richest companies in the world...I also don’t understand why a company as rich as Amazon would need nearly $2 billion in public money for its expansion plans at a time when New York desperately needs money for affordable housing, transportation, infrastructure and education."
Incentives offered to Amazon:
— Performance-based direct incentives of $1.525 billion, based on 25,000 full-time, high-paying jobs created. This includes a refundable tax credit of up to $1.2 billion calculated as a percentage of the salaries Amazon expects to pay employees over the next 10 years, which equates to $48,000 per job for 25,000 jobs with an average wage of over $150,000.
— Cash grant of $325 million based on the square footage of buildings occupied in the next 10 years.
http://www.fox5ny.com/news/48k-per-amazon-hq-job
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