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| Economy |
| Local Governments 'Claw Back' Corporate Tax Breaks |
| 2010-01-04 |
| CHICAGO – Cash-strapped communities have a message for corporations that promised jobs in return for tax breaks: A deal's a deal. Target Corp. got abatements from area taxing bodies after promising at least 500 jobs at a local distribution center. So when the company came up 66 workers short in 2009, Target got word its next tax bill would be jumping almost $600,000. In St. Louis County, officials have told Pfizer that if it cuts 600 jobs, as planned, they'll rethink the $7 million in tax breaks they promised to give the company for the next 10 years. |
| Posted by:Anguper Hupomosing9418 |
| #3 Darth the problem is that business was only attracted through bribes in the first place. If a location wants to be business friendly then the entire tax/regulatory regime should conform to that. Companies should NOT be dealt with via bribes and extortion on an individual basis. If these were contracts then the gov't has a right to go after them (Damn, never thought I'D say that). This is all a part of the corporatist / crony capitalist virus infecting our economy and polity. |
| Posted by: AlanC 2010-01-04 10:56 |
| #2 Target are notorious chiselers! Phuck_ em. |
| Posted by: Speregum tse Tung2028 2010-01-04 09:42 |
| #1 Thus driving more buisness away and putting a lid on other buisness doing any new hiring. Smart. Real smart. |
| Posted by: DarthVader 2010-01-04 09:20 |