While the Alexandria Occasional-Cortex/Liz Warren tribe celebrate their victory over Amazon’s bailing out of it’s plans to build headquarters in NY, the citizens of Queens suffer the most.
You could say that Socialism won the day.
Somehow the ignorant masses, corrupt reporters and criminal politicians banded together to stop prosperity in its tracks.
What’s really disgusting is these people are actually excited about chasing away a near infinite return on investment. They’re claiming it as a major victory.
Not only would Amazon’s 25,000 new employees would have brought billions in annual disposable income to NYC, it would’ve resulted in tens of millions in additional tax revenue.
These social justice warriors (SJW) had the ridiculous idea that Mayor de Blasio was going to hand over a check to Jeff Bezos (the richest man in the world) for $1.5 Billion.
The package was a TAX CREDIT that would vary based on how much Amazon paid its employees; capped at $1.2 Billion over ten years.
Do some simple math here…more money to employees=more tax credits to Amazon.
New York tax rates are MUCH higher than they are in Amazon’s home state of Washington. (In 2017, Amazon paid over $250 Million in state and local taxes)
For the math challenged that means that even if Amazon’s NY tax bill were HALF of what it paid in Washington, then NYC would have been recouping more than 100% of it’s tax incentive EVERY YEAR.
And we haven’t scratched the surface on other benefits like real estate sales, restaurants, and additional spending from the 25,000 new employees.
NYC is in trouble.
Their pension is underfunded by $70 Billion and city officials recently announced their tax revenues are $500 Million below forecasts.
Ironically, Amazon estimated it would generate an average of $500 Million per year in tax revenue for NYC.
It’s more fuel to the fire of 2019, The Political Year From Hell…
Read more about it (HERE).