Prime Tax Breaks
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What to Know: Amazon has split its new headquarters between New York and Virginia – and doubled down on tax incentives for doing so.
“In exchange for more than $2 billion in economic incentives, the online shopping giant will locate a pair of new corporate headquarters just across the Potomac River from Washington, D.C., and just across the East River from Manhattan,” Reason magazine reports. “Tuesday’s much-anticipated announcement of the locations for Amazon’s ‘HQ2’ also included details—which had previously been kept from the public—about the economic incentives that successfully lured the Seattle-based firm to the east coast’s political and economic hubs.”
The TPPF Take: Those economic development incentives mean that taxpayers in New York will spend $48,000 for every job created there.
“Existing businesses and residents will be paying for the privilege of giving Amazon tax breaks that they don’t receive themselves,” says TPPF’s James Quintero. “It’s not the job of government to give special treatment to some businesses and not others.”
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