Ramboo
Rookie
- Mar 26, 2015
- 16
- 1
- 1
- Banned
- #1
Yo, woudn`t you know it? An Obama Puppet sidekick is raising her taxes in Virginia, you wonder why people leave these States and run to a Republican State, they need to learn to change their Party when they VOTE again!!!
Foreign firms soak up Virginia tax breaks
By Kenric Ward / March 25, 2015 / 3 Comments
AP file photo
TOASTING TAXPAYERS: Gov. Terry McAuliffe hoists a glass to bringing Stone Brewing Co. to Richmond, amid questions about the public costs and benefits of trickle-down economics.
By Kenric Ward | Watchdog.org Virginia Bureau
Half of the corporations receiving Virginia’s biggest public subsidies are headquartered outside the country.
Five foreign firms – Canon (Japan), Rolls Royce (U.K.), Areva (France), Infineon Technologies and Continental AG (both Germany) – garnered a total of $180,808,956 in tax breaks, credits and subsidies from state and local sources, according to a report by Good Jobs First.
Finishing just outside the Top 10 was the Chinese conglomerate Shandong Tranlin Paper Co. In a deal closed last year by Gov. Terry McAuliffe, the company is promised at least $5 million in taxpayer support.
In all, $410,150,107 in state and local incentives, including cash, have been pledged to companies to do business in Virginia.
The No. 1 recipient is shipbuilder Huntington Ingalls Industries. Now overseeing construction of the USS Gerald Ford at Hampton Roads, the firm has received $98 million in Virginia tax benefits since 2000.
Corporate subsidies are distributed via several programs – some more transparent and accountable than others. Good Jobs First gave especially low grades to two Virginia funds.
Like the federal subsidies reported by Watchdog.org last week, state and local tax breaks are a corporatist brand of economics employed by Democrats and Republicans alike.
Foreign firms soak up Virginia tax breaks - Watchdog.org
"GTP"
"OBAMA SUCKS"
Foreign firms soak up Virginia tax breaks
By Kenric Ward / March 25, 2015 / 3 Comments
AP file photo
TOASTING TAXPAYERS: Gov. Terry McAuliffe hoists a glass to bringing Stone Brewing Co. to Richmond, amid questions about the public costs and benefits of trickle-down economics.
By Kenric Ward | Watchdog.org Virginia Bureau
Half of the corporations receiving Virginia’s biggest public subsidies are headquartered outside the country.
Five foreign firms – Canon (Japan), Rolls Royce (U.K.), Areva (France), Infineon Technologies and Continental AG (both Germany) – garnered a total of $180,808,956 in tax breaks, credits and subsidies from state and local sources, according to a report by Good Jobs First.
Finishing just outside the Top 10 was the Chinese conglomerate Shandong Tranlin Paper Co. In a deal closed last year by Gov. Terry McAuliffe, the company is promised at least $5 million in taxpayer support.
In all, $410,150,107 in state and local incentives, including cash, have been pledged to companies to do business in Virginia.
The No. 1 recipient is shipbuilder Huntington Ingalls Industries. Now overseeing construction of the USS Gerald Ford at Hampton Roads, the firm has received $98 million in Virginia tax benefits since 2000.
Corporate subsidies are distributed via several programs – some more transparent and accountable than others. Good Jobs First gave especially low grades to two Virginia funds.
- Enterprise Zone Real Property Investment Grants scored just 5 out of a possible 100 on “recipient disclosure” and only 10 out of 100 on “job creation/job quality.”
- Major Business Facility Job Tax Credits scored zero on recipient disclosure and just 35 on job creation/job quality.
Like the federal subsidies reported by Watchdog.org last week, state and local tax breaks are a corporatist brand of economics employed by Democrats and Republicans alike.
Foreign firms soak up Virginia tax breaks - Watchdog.org
"GTP"
"OBAMA SUCKS"
