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NJ gave some of the biggest corporate tax breaks in the US; guess what happened?

#1Barenziah Boy ToyPosted 4/1/2013 4:08:50 PM
http://news.yahoo.com/jersey-corporate-tax-breaks-surge-economy-lags-study-203248645--sector.html

Excerpts:
New Jersey corporate tax breaks surge, but economy lags: study
(Reuters) - New Jersey has provided more corporate tax breaks in the past three years than in the entire previous decade, yet the state's economy continues to lag, according to a report released on Monday. Since the start of 2010, when Republican Governor Chris Christie took office, the state has awarded $2.1 billion in subsidies, compared to $1.25 billion for the previous 10 years, New Jersey Policy Perspective, the liberal think-tank, said in its report.

Even so, New Jersey's economy remains sluggish. Though its unemployment rate has fallen slightly, it is the sixth highest in the United States at 9.3 percent in February, well above the national jobless rate of 7.7 percent. New Jersey had the second-highest foreclosure rate in January at 7.2 percent, behind only Florida, according to CoreLogic.

Corporate give-aways aren't new. But they've taken on urgency as many U.S. states struggle to recover from the recession, which stripped jobs and revenues. Tax breaks and subsidies have been popular with cities and states trying to lure businesses in the hopes of creating and retaining jobs.

New Jersey has at least five different corporate tax and incentive programs. In the last three years, the largest award overall was a $261.4 million grant to Revel Casino, which filed for bankruptcy in March. Overall, New Jersey officials have awarded tax credits and grants to 171 projects since February 2010.


In other news, the earth remains slightly oblong and the Kardashians are still sluts.
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#2goatthiefPosted 4/1/2013 4:09:26 PM
Shut up, BBT.
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#3Zero_DestroyerPosted 4/1/2013 4:09:35 PM
BBT pls
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#4Nitro378Posted 4/1/2013 4:10:29 PM
US corporations: welfare queens.
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#582xenoPosted 4/1/2013 4:13:07 PM
You mean corporations just pocket the extra $ into the shareholder bank?

WOW what a revelation.
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#6CyborgSage00x0Posted 4/1/2013 4:56:23 PM
Tax breaks don't work. We ned stimilus, not this.
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#7Xeno14Posted 4/1/2013 5:12:34 PM
yeah, they give a lot to stupid projects, like casinos

The biggest single recent tax break $261 million for Revel Casino in Atlantic City that opened almost a year ago did create jobs, although the troubled $2.4 billion resort filed for bankruptcy last week.
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#8paulo_yamatoPosted 4/1/2013 5:14:42 PM
as a Libertarian, I stand 100% against corporate tax breaks or incentives. They accomplish nothing (nothing unless you're counting the CEO and Board of directors.)
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#9ltalianLuigi723Posted 4/1/2013 5:45:56 PM
From: CyborgSage00x0 | #006
Tax breaks don't work. We ned stimilus, not this.

lol stimilus
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#10Jayjs20Posted 4/1/2013 5:47:10 PM
But make sure you fill the stimulus with lots and lots of tax breaks for the rich.
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