Corporate tax breaks cost public schools at least $2.37 billion in fiscal year 2019. Mark your calendars and join us tomorrow — Tuesday, April 13 — for a conversation on how we can get corporations to pay their share so our children thrive.
This is Arlene at Good Jobs First with lots of news. We led a coalition calling on the Treasury Department to enforce and Rescue Plan provision encouraging states to put a moratorium on new economic development incentives. We released two major reports, including one on school funding, and we’re proud to be part of a distinguished group talking about ways to unrig the corporate tax code. Let’s dive in.
Economic development tax abatements given to corporations cost public school districts over $2.37 billion in foregone revenue in fiscal year 2019. That’s an increase of 13 percent – a $273 million jump – from just two years earlier and came during the pre-pandemic period of economic prosperity, a new report details. The losses were widespread: 97 school districts lost more than $5 million each, and 149 districts lost more than $1,000 per student. That left less money for students, who suffered poorer schools, and caused working families to pay higher local and state taxes.
Good Jobs First, of the United States, and the Transparency Task Force, of the United Kingdom, today announced that funding has been secured for the construction of Violation Tracker U.K., a comprehensive database on corporate misconduct modeled on Violation Tracker, the U.S. database launched by Good Jobs First in 2015.