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Today, as cities compete to lure multi-billion dollarcorporations woth tax breaks, its time to reflect on the true costs of these tax breaks and incentives.
Seth Sandronsky, a California-based investigative journalist, digs down and finds that public schools pay the bill.
“Public schools are losing. Private interests are winning. Here are the numbers. US public schools lost a total of $1.8 billion due to economic development tax incentives for corporations in 2017, according to a new report from Good Jobs First, a watchdog group in Washington, D.C. (goodjobsfirst.org/newmath).
“In this case, the term economic development conceals more than it reveals. At the end of the day, who wins and who loses when governments shift public tax dollars to corporate pockets comes into sharper focus with Good Jobs First unpacking the financial reports of 5,600 of America’s 13,500 independent public school districts across 28 states.
“Did somebody say the miracle of the marketplace? Well, government hands are all over this story, contrary to nonsense about the efficiency of market forces. The recent announcement of Amazon receiving billions of public tax dollars for its “HQ2” is a case in point.”