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If paying businesses to come here is a positive thing then why is Louisiana so poor?
Posted on 3/13/23 at 8:36 pm
Posted on 3/13/23 at 8:36 pm
There's economic development "wins" every month. Hundred million dollar project there, billion dollar project there, etc. This has been going hardcore since 2006 and yet here we are..
Obviously most on this board believe in the benefits of these subsidies and picking winners and losers, multiplier effects, etc to a point where we would rather have income tax than give up those subsidies. Is it a matter of doing more to attract businesses? If these projects are a net positive then surely more is even better.
Let's say we upped our efforts 10,000x and got all the big corporate jobs that NYC has. Would we all be ballin out with gold plated truck nuts?
If so, why isn't NYC metro a place that baws want to move to? They already have more economic development than we could dream of.
Obviously most on this board believe in the benefits of these subsidies and picking winners and losers, multiplier effects, etc to a point where we would rather have income tax than give up those subsidies. Is it a matter of doing more to attract businesses? If these projects are a net positive then surely more is even better.
Let's say we upped our efforts 10,000x and got all the big corporate jobs that NYC has. Would we all be ballin out with gold plated truck nuts?
If so, why isn't NYC metro a place that baws want to move to? They already have more economic development than we could dream of.
6
Posted on 3/13/23 at 8:42 pm to BeepNode
Same reason Houston is an oil Mecca and N.O. Isn’t
Corrupt politicians
Corrupt politicians
Posted on 3/13/23 at 8:43 pm to Padme
quote:
Corrupt politicians
That starts and ends with voters.
Posted on 3/13/23 at 8:48 pm to BeepNode
LA is demographically challenged. Always has been.
Posted on 3/13/23 at 8:52 pm to Padme
quote:
Corrupt politicians
Brother in law gotta get paid
Posted on 3/13/23 at 8:54 pm to HeadSlash
quote:
Brother in law gotta get paid
Privatization is great for this. We truly can't have nice things because anything that doesn't have copious amounts of sunlight on it is infected.
Posted on 3/13/23 at 8:55 pm to BeepNode
Most of these businesses don’t provide enough long term jobs to out weight all the tax breaks were giving them. Besides job what order benefits do they provide?
Posted on 3/13/23 at 9:00 pm to crewdepoo
quote:
Most of these businesses don’t provide enough long term jobs to out weight all the tax breaks were giving them. Besides job what order benefits do they provide?
Them multiplier effects, baw.
Posted on 3/13/23 at 9:01 pm to BeepNode
quote:
There's economic development "wins" every month.
Follow the deals through.
We have two types of incentives.
1) Job credits. When these expire companies pack up jobs and move away, like the EA and GE deals.
2) Capital incentive. Sure it’s awesome to see a company invest a billion dollars in a plant, and they won’t pack up and leave. But it only creates 16 jobs.
Posted on 3/13/23 at 9:06 pm to BeepNode
quote:You really don't know?
why is Louisiana so poor?
Posted on 3/13/23 at 9:06 pm to LSUFanHouston
Wouldn't we be better off if we just said screw it and abolished all tax credits and income taxes in general? All of them. Then put a property tax in place to make up the difference but with a 10 year phase-out so that local governments can put their own property taxes in place for schools, prisons, etc?
I realize LABI would melt if that happened, but..
I realize LABI would melt if that happened, but..
Posted on 3/13/23 at 9:08 pm to BeepNode
1. Corruption; and
2. (More importantly) We give away the farm in tax incentives. Average tax rate on capital intensive manufacturing (most of the big businesses in LA) averages around a .1% effective tax rate in the first 10 years due to property tax exemptions then jumps to an average effective tax rate of 8.5% after the exemptions wear off. Then there are a bunch of exemptions/exclusions based on the type of industry/products you’re manufacturing. We’d be much better off just throwing a broad stroke 8% SALT tax and eliminating all exclusions/exemptions. Simplifies the system and offsets some of the extra tax paid by business by decreasing administrative compliance costs.
2. (More importantly) We give away the farm in tax incentives. Average tax rate on capital intensive manufacturing (most of the big businesses in LA) averages around a .1% effective tax rate in the first 10 years due to property tax exemptions then jumps to an average effective tax rate of 8.5% after the exemptions wear off. Then there are a bunch of exemptions/exclusions based on the type of industry/products you’re manufacturing. We’d be much better off just throwing a broad stroke 8% SALT tax and eliminating all exclusions/exemptions. Simplifies the system and offsets some of the extra tax paid by business by decreasing administrative compliance costs.
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