Word: biddinger
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A second cup of coffee, a big muffin, a soft chair, and I'm ready for a full, unexpurgated dose of Ken Starr. Our earlier TV encounters had been so cryptic, so unsatisfying: Starr on his driveway comparing himself to Joe Friday and bidding reporters vaya con Dios. But now...
What's a mayor to do? A major employer wants to expand or build anew. Rather than simply doing so, the corporation stirs up a bidding war to see which city and state will pony up the most cash, loans and tax breaks in the form of economic incentives. If...
But first, forget about cooperative agreements among states to stop the war of incentives. They've been tried, and they don't work. In October 1991, New York City, New York State, New Jersey and Connecticut agreed that a series of costly bidding wars to attract corporations was ruinous for...
SOLUTION NO. 1 for ending corporate welfare at the state and local level: the levying of a federal excise tax on incentives. Under this proposal, Congress would enact a law imposing a tax equal to the value of the economic incentives granted to a company. In other words, if New...
And what a deal it got. New Mexico and the community of Rio Rancho, just north of Albuquerque, won the bidding war by showering Intel with tax abatements and other assistance. Sandoval County, where the company erected its fab, authorized $2 billion in industrial revenue bonds in 1993 and an...