Putting Pension Costs in Context: How Corporate Tax Breaks are Diverting State Revenue Needed for Public Employees' Retirement (Part II)

Christine Wen
Date Published
04/2020

Correction (4/28/2020): sales tax exemption on materials used in manufacturing in Texas was removed from subsidy program costs.

Correction (4/29/2020): cost of school property tax exemptions due to Chapter 313 and Tax Increment Financing Act was added to subsidy program costs in Texas.

The second part of this report looks at seven states that are putting corporate welfare before pension security for public employees. $7 billion was spent on corporate subsidies and tax breaks in Colorado, Georgia, Louisiana, Missouri, South Carolina, Texas, and Vermont in FY2018/2019. Less than half of that amount would have covered the states' pension system contributions.

 

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