Good Jobs First Subsidy News
Chapter 313, known for its place in the state tax code, costs more than $200,000 per job, mostly benefiting the oil and gas industry.
But there’s more to the story: That burdensome cost falls hardest on school districts with high populations of Black and Latino students. Because of the racialized nature of poverty in Texas, the subsidies enjoyed by huge corporations fall heaviest on students of color.
New York City's Economic Development Corporation has promised a lot, as these agencies often do, but what it delivers falls short. The city needs a new approach that doesn't involve a large transfer of public money from hard-working residents to wealthy developers, Jacobin argues.
By now, tax concessions of this magnitude for individual companies aren’t a surprise, but as I read this article, it made me recall an effort that was in the media before the pandemic to do something to halt or limit business tax incentives. I wondered what had become of the effort, which included a proposed multistate compact on tax incentives.
DCist has an article out about Amazon's pledge to help 1,000 affordable housing units on Metro-owned land in the Washington, D.C. area. Good Jobs First Research Analyst Kasia Tarczynska told the media outlet Amazon could have a far greater impact if it paid its full share in taxes and suspended its subsidies.
“People aren’t persuaded by the dogma anymore that tax breaks create jobs. Too many people see that the emperor doesn’t have clothes anymore,” Greg LeRoy, executive director of Good Jobs First, which tracks corporate subsidies, told The Intercept. “These extractive industries have been extractive of the tax base too. People realize it’s too corrosive.”