NY state tax break is $48k per Amazon HQ job

#1

Post by samfisher83 » Wed, Nov 14, 2018, 9:34 PM UTC

NY state tax break is $48k per Amazon HQ job
fox5ny.com

Re: NY state tax break is $48k per Amazon HQ job

#2

Post by Roritharr » Wed, Nov 14, 2018, 9:53 PM UTC

This is like House of Cards levels of evil. So good at playing this evil game that I can't help but respect this move of skullduggery.

Re: NY state tax break is $48k per Amazon HQ job

#3

Post by britch » Wed, Nov 14, 2018, 9:54 PM UTC

It's unclear to me from the article is this a one time cost? Is it yearly? Monthly?

edit: On reading a bit closer it's over $48,000 per job over 10 years.

Re: NY state tax break is $48k per Amazon HQ job

#4

Post by noer » Wed, Nov 14, 2018, 9:55 PM UTC

britch wrote: post #3

It's unclear to me from the article is this a one time cost? Is it yearly? Monthly? edit: On reading a bit closer it's over $48,000 per job over 10 years.

One time cost paid over 10 years, IIRC

Re: NY state tax break is $48k per Amazon HQ job

#5

Post by metildaa » Wed, Nov 14, 2018, 9:55 PM UTC

Perhaps the citizens should object, I hear one of their congress critters is shitposting on twitter to that end. If the locals don't want their lives upended by gentrification, Berlin has shown a good example of how to block uninvited expansion by tech giants: https://www.bbc.com/news/world-europe-45971538

Re: NY state tax break is $48k per Amazon HQ job

#6

Post by amoitnga » Wed, Nov 14, 2018, 9:56 PM UTC

It implies only negative, doesn't it also has a lot of positive to it, like economic growth?

Re: NY state tax break is $48k per Amazon HQ job

#7

Post by rb808 » Wed, Nov 14, 2018, 9:58 PM UTC

This is such a great deal for NYC

As the article says, they give up $1.5B over 10 years, but then get "Projected incremental tax revenue of more than $10 billion over 20 years."

I dont know where that comes from but the payroll and property taxes paid by 25k employees dwarves the incentives.

The most important part is it cements NYC as the main tech center on the East Coast. That is invaluable.

EDIT: I wonder if NYC with tax incentives, Amazon would still pay more tax than regular tax rates in FL, TX.

Re: NY state tax break is $48k per Amazon HQ job

#8

Post by AlimJaffer » Wed, Nov 14, 2018, 9:58 PM UTC

noer wrote: post #4

britch wrote: post #3

It's unclear to me from the article is this a one time cost? Is it yearly? Monthly? edit: On reading a bit closer it's over $48,000 per job over 10 years.

One time cost paid over 10 years, IIRC

This doesn't necessarily sound terrible? If most of the jobs are going to be 6-figures, their tax rates will be reasonably high + they'll be contributing to the local economy in terms of buying goods and services. Am I missing something?

Re: NY state tax break is $48k per Amazon HQ job

#9

Post by jrockway » Wed, Nov 14, 2018, 9:59 PM UTC

I feel like each Amazon employee will pay way more than that in taxes over 10 years, so this is just basic investment. Pay $48,000 over 10 years to get $30,000 a year forever. Seems smart.

Re: NY state tax break is $48k per Amazon HQ job

#10

Post by cycrutchfield » Wed, Nov 14, 2018, 9:59 PM UTC

metildaa wrote: post #5

Perhaps the citizens should object, I hear one of their congress critters is shitposting on twitter to that end. If the locals don't want their lives upended by gentrification, Berlin has shown a good example of how to block uninvited expansion by tech giants: https://www.bbc.com/news/world-europe-45971538

They elected the people that made that decision. If they don't like it, they can vote them out.

Citing an example of some Berliner NIMBYs is not really helping your argument.