Tuesday, August 11, 2015
Fort Wayne GM Plant's Economic Development Benefits Keep Piling Up
Our state and local officials sure have been generous in passing out economic development benefits to GM's plant in Fort Wayne. The company has no plans to create a single new job, but it will spend about $1.2 billion to upgrade its truck assembly plant, which will create some temporary construction jobs. Under a new refundable tax credit approved by the General Assembly, GM could receive tens of millions of dollars from the state for that corporate tax credit. Indianapolis' Rolls-Royce plant is supposedly eligible for about $17 million in corporate tax credits for investing about half of what GM is investing without creating a single new job. Last year, Allen Co. officials $15 million in property tax abatements over a ten-year period. Now news comes that the City of Fort Wayne is throwing in a $5 million extra grant to GM just for the hell of it. Fort Wayne officials say the Indiana Economic Development Corporation has pledged to reimburse it for the $5 million grant from its Industrial Development Grant Fund. Was it Leona Helmsley who said only the little people pay taxes?
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2 comments:
Not only is it that only the little people pay taxes.... it is the little people who pay for all the largess and monetary "gifts" our inept Democrat and Republican career politicians bestow... it is always the citizen who pays, always. If career Democrat and Republican politicians, the corrupt attorneys who run them, and entrenched "civil servants" (like Mark Miles) had to put up their own money for some of these "causes"... or be held somehow responsible for what often is a waste of taxpayer dollars... would these types of deals ever go through? I think not.
Michael Krieger -> Oligarchy. That's all this is. Corporate America offloads as much risk as possible on the taxpayer while keeping the spoils. It's immoral. There's a special place in hell for these reptiles and their water boys and girls in the Capitol and City Hall.
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