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

fox5ny.com

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

#111

Post by magic_beans »

marricks wrote: post #53
rb808 wrote: post #7

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…

Doesn’t NYC have a housing crisis already? I’m not sure they need a worse one coupled with the gentrifying forces of thousands of tech employees moving in. $1.5 billion in housing or just really anything to help people who already live there is what should happen.

LIC is decades past gentrification.

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

#112

Post by berbec »

rland wrote: post #54
amoitnga wrote: post #6

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

It seems to me like this is kind of like advertising: it’s a local benefit, but a net loss. Someone, somewhere, is giving a huge amount of money to Amazon. Considering Amazons wealth and power, is this what we should be doing as a society? In particular, we don’t need to do this. If everyone said “no deal,” Amazon would be forced to behave as anyone else: consider each area based on its true merits, and make a decisi…

Exactly. It's the economics version of the Prisoner dilemma. First city to give up the tax breaks gets the jobs, but to truly win, everyone has to say "build here if it's right for you. You're not getting any incentives from us."

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

#113

Post by fmmow »

vdnkh wrote: post #32

1) Incentives are not given up front. They are given proportional to the results Amazon has achieved. Amazon must make a report each year detailing their progress before any award is given. 2) The city-level incentives are available to any business. State-level incentives (I think 300m) are not. 3) Amazon has pledged to invest in the local community as part of the deal. There are plans for an elementary school and te…

Tech hasn't been kind to Seattle or SF. Maybe to the people attracted likely to be filling this jobs, but not to the people in the surrounding areas.

LIC was mostly warehouses at one point and you're right a lot of the new units are housing for people moving away from Manhattan. But the concern is not just about LIC; it's about Corona, Astoria, Jackson Heights. These are areas with a lot of immigrant communities, communities that'll start getting pushed out once the Amazonians move in.

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

#114

Post by chrisseaton »

boomka wrote: post #61
rb808 wrote: post #7

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…

I don't know who you are referring to as NYC, but citizens of USA as a whole are worse off. Pitting one USA municipality against another to extract subsidy for what Amazon would do anyways is just another mechanism for wealth transfer from the poor to the rich.

It's not just money is it? It's also things like infrastructure they'll provide?

Could that possibly make Amazon more efficient, and so employ more people who spend their salaries and so on, creating a net gain for the whole US?

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

#115

Post by [deleted] »

CPLX wrote: post #85
rb808 wrote: post #7

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…

I beg to differ. New York City doesn't have a problem attracting jobs. Like not even a little bit. The idea that this is actually incremental revenue for the city is extremely debatable. New York City is a really big place. Midtown is the largest central business district in the country, and Lower Manhattan is the third largest, after Chicago. There are 1,700,000 jobs in Manhattan alone and 3,900,000 in New York City…

[deleted]

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

#116

Post by magic_beans »

metildaa wrote: post #31
chrisseaton wrote: post #15

Earlier quoted context omitted.

> Perhaps the citizens should object Perhaps they like the idea?

Don't presume consent or support based on lack of vocal opposition. Queens isn't as high income as Seattle or the part of Virginia that Amazon is in, and the people who live there may just be making ends meet, not paying attention to how gentrification of their neighborhood may eject them from it.

Typical Rent in LIC is around $3200 for a 1-bedroom. It's an extremely high-income neighborhood in Queens. Go a little farther down the 7 and you start to see some of the middle class, but they're not really in LIC.

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

#117

Post by goobynight »

killyp wrote: post #73
anonyppppp wrote: post #40

Earlier quoted context omitted.

"The most important part is it cements NYC as the main tech center on the East Coast." This has long ago been cemented...

I wouldn't say that at all. NYC is definitely large for tech on the East Coast but so is Boston in tech R&D, DC for government related tech companies, and Research Triangle in NC and Austin TX (if this counts as East Coast) are both hotbeds for tech startups. There really is no Bay Area equivalent on the East Coast.

Your state should probably border the east coast to fall into the category of "east coast".

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

#118

Post by giantsloth »

zaroth wrote: post #103
jondubois wrote: post #98

Earlier quoted context omitted.

>> This giveaway is a goddamm travesty. How about instead, Cuomo gives me and any other startup founder who's been in Brooklyn or Queens for decades $48,000 for every job we've created and we tell Amazon to go fuck themselves. So true. The rent in NYC is already very high. What kind of lifestyle can a blue collar worker afford in NYC? Obviously the only winners here are corrupt politicians and greedy Amazon execs. Th…

> Obviously the only winners here are corrupt politicians and greedy Amazon execs. They should all be jailed. You can dislike tax incentives if you want to, but the hyperbole is so over the top it becomes radical, divisive, noise. We need less of this in these discussions.

This isn’t hyperbole. Corporations are stealing directly from the tax payer via politicians and they should be jailed for it.

We need more calls to action for holding these people accountable.

No one “dislikes tax incentives” what an absurd straw man ... they don’t like being robbed for the benefit of a small few at the expense of everyone else.

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

#119

Post by longerthoughts »

commandlinefan wrote: post #100
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

I'm not sure what they're complaining about - they keep electing representatives who promise high taxes. Now they're getting high taxes, they should be happy?

Willingess to pay higher taxes doesn't translate to "supportive of any conveivable use of the tax revenue".

I'm happy to pay my taxes for certain uses but am still entitled to complain if my elected officials use tax revenue to fill a room with gold coins and swim around in it like Scrooge McDuck.

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

#120

Post by walshemj »

boomka wrote: post #61
rb808 wrote: post #7

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…

I don't know who you are referring to as NYC, but citizens of USA as a whole are worse off. Pitting one USA municipality against another to extract subsidy for what Amazon would do anyways is just another mechanism for wealth transfer from the poor to the rich.

The same argument could be made for the USA by individual states having different income and sales taxes.

That's just as bad as Irelands tricks helping to avoid taxes due in the UK and other eu states

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