Thursday, April 05, 2012
Gov. Doublewide loves corporate welfare
And his favorite form of corporate welfare is giving away years of future tax revenues for New Jersey to his best buds in the executive suites.
Panasonic received $102.4 million in tax credits to move its headquarters nine miles within New Jersey. Goya Foods picked up $81.9 million in credits to build offices and a warehouse in Jersey City, two miles from its current complex. Prudential Insurance obtained $250.8 million to move a few blocks to a new tower in Newark.Corporations love this because they are under no obligation to keep their promises even while they make lots of profit. Gov. Doublewide loves it because, well let's get real, who knows better about "feeding troughs" than Trenton's own Mr. Five x Five.
Since taking office in 2010, Gov. Chris Christie has approved a record $1.57 billion in state tax breaks for dozens of New Jersey’s largest companies after they pledged to add jobs. Mr. Christie has emphasized that these are prudent measures intended to help heal the state’s economy, which lost more than 260,000 jobs in the recession. The companies often received the tax breaks after they threatened to move to New York or elsewhere...
The critics pointed out that even when the promised jobs have not materialized, the Christie administration has merely reduced, not withdrawn, the subsidies. And they say that the administration is mortgaging the state’s future by forgiving so much tax revenue for the next 10 to 15 years.
“Christie has taken this to a whole different level; it’s become a feeding trough,
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If these political "representatives" keep giving away state taxpayers money through subsidies we will need to replace them with more responsible elected officials. Prudential needs to stop steeling New Jersey taxpayer funds through these subsidy shakedowns. It is un-American
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