Wednesday, September 17, 2008

Bloomie giving more tax breaks to the wealthy

Tax breaks to corporations and wealthy landowners have ballooned under the Bloomberg administration, despite the mayor's long-standing vow to curtail the practice.

The benefits of the Industrial Commercial Incentive Program (ICIP), considered one of the city's biggest giveaways, has long been debated, with Michael Bloomberg among the most vocal opponents of business tax incentives during his mayoral campaign.

"I don't like the idea of bribing somebody to stay put," he told the Associated Press in the summer of 2001.

The new mayor stuck to his guns in the economic crisis after the 9/11 attacks saying, "Any company that makes a decision as to where they are going to be based on the tax rate is a company that won't be around very long."


Big business still getting tax breaks

However, the business breaks have multiplied in recent years, even as numerous critics, including the city's own Economic Development Corp.oration, agreed that the money went to wealthy property owners and businesses that would have stayed in New York anyway.

6 comments:

Anonymous said...

Bloomie must go!
Another thing Mayor, you can not sell our bridges to the MTA for $1
They are not YOUR Bridges to sell, they belong to the taxpayers. We should vote as to wheather they should be sold for $1.00.

Anything to get your congetion pricing.

Anonymous said...

What a surprise.The fed and Bush are bailing out AIG and bloomliar billionaire is letting large business get away with not paying their share or taking care of their own companies.Robber barron capitalism is in full force.Let the just getting by tax payers pay for them eh bloomie. Private public? where does the line stop.Off shore accounts are in Manhattan now, not the Bahamas.

Anonymous said...

Throw that Bostonian/bastard
half pint tyrant into the East River
handcuffed and shackled
(heh, heh, heh)!

faster340 said...

The rich get richer and can afford it all, the poor get poorer and get everything for free and the middle class pays for it all!

Anonymous said...

so...what dont the major charitable organizations complain?

the rest of us are getting squeezed, arn't they?

Wade Nichols said...

This program is probably rife with abuse, and definitely not an objective process.

However, you need to ask yourself: "What are the alternatives?" "What are the consequences?"

Other states are willing to offer better incentives for corporations to locate in their cities. Why do so many big banks/brokerages have offices in Jersey City? Because it's cheaper to do business there. If NYC can't offer incentives, business will locate elsewhere, bringing tax dollars elsewhere.

Not an easy solution.