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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

#61

Post by boomka »

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.

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

#62

Post by konschubert »

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…

A better deal would have been not paying 48K per job and still getting Amazon to NYC.

An equally good deal would have been not paying 48K and getting Amazon elsewhere in the US. I mean, not for NYC, but for the US as a whole it would have been equally good.

The race to the bottom is lined with "good deals"...

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

#63

Post by fenwick67 »

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…

The operative word being "projected"

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

#64

Post by vdnkh »

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.

>anything to help people who already live there is what should happen.

People who live here will benefit from this. NYC has a much more diverse candidate pool than SV - 47% of our tech workers are immigrants. Our schools are more diverse; there are more programs to teach underrepresented groups CS skills. They will benefit from this.

>gentrifying forces of a thousands of tech employees.

Can you explain how gentrification will actually play out, and how it's different than 25k jobs being created organically over the next decade?

>$1.5 billion in housing

Just because Amazon has been given an incentive doesn't mean that housing gets short sticked. https://www1.nyc.gov/site/hpd/about/press-releases/2018/07/m...

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

#65

Post by Roritharr »

del82 wrote: post #35
Roritharr wrote: post #2

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.

How? I mean, you can argue against tax incentives for corporations, but you can also argue for them. For example, you could say (as others in this thread have) that $48k per job over 10 years is a good investment, and will likely generate much more than that in economic activity. How is it evil?

To me it is evil in the sense that this is taking advantage of the public interest.

For the community on a pure economic sense this might be seen as a good investment, but these kinds of tax incentives just further set apart the position of smaller companies and large corporates.

Imagine a mom&pop bakery with a 20year history receiving a comparable pile of money per job created, soon enough they wouldn't be small anymore.

To me the ability these deals have to further push for monopolys is simply unethical, but I'm german and have different sensibilities I guess.

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

#66

Post by DevKoala »

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…

Thank you, this is a good list of clear benefits. I have yet to see such a document that states in an objective manner the negative impact, it's all assumptions.

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

#67

Post by Krasnol »

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

It's not clear yet if the go elsewhere in Berlin. The last location I've read about was the former Stasi Headquarter (seriously) ;)

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

#68

Post by ryanobjc »

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…

Ahem: https://www.mercurynews.com/2018/01/17/h-1b-foreign-citizens...

"About 71 percent of tech employees in the Valley are foreign born, compared to around 50 percent in the San Francisco-Oakland-Hayward region, according to a new report based on 2016 census data."

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

#69

Post by rb808 »

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.

NYC is expensive and there is a lack of affordable housing. Cheaper than SFO though as there are hundreds of new apartment buildings always being built.

https://www1.nyc.gov/assets/buildings/html/nyc-active-major-... https://www.nynesting.com/new-developments

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

#70

Post by ryanobjc »

ryanobjc wrote: post #68
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…

Ahem: https://www.mercurynews.com/2018/01/17/h-1b-foreign-citizens... "About 71 percent of tech employees in the Valley are foreign born, compared to around 50 percent in the San Francisco-Oakland-Hayward region, according to a new report based on 2016 census data."

I think this is probably a net positive for NYC, so I don't see why the dig at silicon valley?
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