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New York City Mayor Slams Amazon's Decision to Cancel HQ2 Expansion

posted by martyb on Monday February 18 2019, @02:09AM   Printer-friendly
from the What-else-could-you-do-with-$3-billion? dept.

takyon writes:

"We know the game is rigged": NYC mayor slams Amazon HQ2 reversal

In a New York Times op-ed published Saturday evening, New York City Mayor Bill de Blasio condemned Amazon for its decision to pull the plug on its HQ2 expansion in Queens, calling it a byproduct of massive economic power concentrated in the hands of few wealthy corporations.

As the mayor of the nation's largest city, a place that's both a progressive beacon and the very symbol of capitalism, I share the frustration about corporate America. So do many of my fellow mayors across the country. We know the game is rigged. But we still find ourselves fighting one another in the race to secure opportunity for our residents as corporations force us into all-against-all competitions.

Amazon's HQ2 bidding war exemplified that injustice.

Previously: Amazon Pulls Out of Planned New York City Headquarters

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  • (Score: 0) by Anonymous Coward on Monday February 18 2019, @07:15PM

    by Anonymous Coward on Monday February 18 2019, @07:15PM (#803105)

    Well, I don't know, maybe we can create a financial product that might help us then. On a whim, lets call it a "bond." Where a municipality can borrow money based on expected future tax revenues for projects of public interest.

    Great idea, what could possibly go wrong? [usdebtclock.org]

    spending this money creates jobs, companies with contracts earn more money meaning more tax revenue, more people are gainfully employed also creating more tax revenue.

    What trickles down from 25,000+ new jobs via NY state income tax?

    Thats a lot of people that are paying taxes so that Amazon doesn't have to and can pass the profits along to the shareholders. (And the majority of shareholders are wealthy and don't need the extra money.)

    What you're edging towards with this line of thinking (and I would agree) is that a progressive federal capital gains tax would be more effective than increasing corporation tax or income tax.

    And, while you may try (and fail) to insult my intelligence and academic experience

    Trumps SALT deduction limit has seen falling tax receipts in Blue states. Funny DeBlasio threatens higher taxes on the rich but that happened and the result is a $2.3 billion shortfall in NY tax receipts and this is economics 101. My barb was basically of the form that intelligent and educated people should know better.