What never takes a vacation? Big companies getting massive economic development subsidies! Plus: Meet a hard-charging community member looking to shake up things in Cincinnati. And what Franklin County, Ohio can teach us about government tax transparency.
We appreciate the opportunity to comment around how the Fiscal Recovery Funds can help ensure money is used for public goods and services that directly help our most economically vulnerable households. They, not corporations, should be the priority.
There is an opportunity now to close loopholes in the interim rules to ensure states, regional and local governments are adhering to the intent of American Rescue Plan Act (ARPA). We recommend the following:
A new accounting rule originally meant to shine greater light on how much corporations receive in government subsidies for jobs and development has been significantly watered down.
The final rule, expected to be issued soon and go into effect in 2022, won’t require most companies to reveal if they’ve received tax breaks, or what they promised in exchange for them. It's a blow to fiscal transparency and corporate accountability.
Good Jobs First executive director Greg LeRoy issued the following statement today in response to the State of Wisconsin renegotiating its part of a $4.8 billion economic subsidy deal awarded to Foxconn Technology Group in 2017:
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.