After Amazon Flop, NY Lawmakers Rethink Corporate Subsidies

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Some New York lawmakers are proposing a ban on subsidies for particular companies in the wake of Amazon’s decision not to build a new campus in Queens.

State Assemblyman Ron Kim and Sen. Julia Salazar on Wednesday proposed legislation that would stop the state from awarding company-specific subsidies and instead treat all companies the same when it comes to economic incentives.

The two New York City Democrats say big subsidies to wealthy companies reduce available funds for education, housing and transportation.

The bill would also ask other states to join New York in banning company-specific subsidies to ensure states that do so aren’t put at a competitive disadvantage.

Amazon announced last week that it was dropping its Long Island City project, which was set to receive billions in state and New York City incentives.

(AP)




3 COMMENTS

  1. They should rethink maintaining a high level of taxation and regulatory harassment such that they need to agree to waive those taxes and excessive regulation in order to attrack private sector jobs.

  2. New York City’s socialists blew 25000 jobs to smithereens. You can’t just replace 25000 jobs. It’s insane. Cortez should be strung up in the middle of Queens for her stupidity. Big Bird DeBlablablablasio should be next

    When a company is going to bring in 30 billion dollars into your pocket, it’s okay to give them three billion off their bills.

    But then again I would never expected socialist to understand simple economics 101.