Tax incentives amount to a heap of corporate welfare
Like millions of others this week, I bought a $2 Powerball ticket, hoping to win the $1.6 billion prize. Not that I need a billion dollars. No one does. But I envisioned being interviewed, during which I would have said that such a prize is ridiculous, decadent, and bordering on criminal. No one needs $1 billion, but everyone could use $20,000 to $30,000.
Thursday morning, with coffee in hand, I reached for my perfectly delivered Boston Globe. Knowing how big the story is, I glanced at the front page to see if there was a winner. There it was, front and center: General Electric won $145 million, and they didn’t even have to buy a Powerball ticket (“GE changes the terrain by making Boston its base”).
That’s right, $145 million in public, taxpayer dollars were given in incentives to lure this wealthy corporate behemoth to our community.
All of the wonderful things GE will “bring to life” here in Boston can be measured by the hole left in the company’s previous host community of Fairfield, Conn.
Corporate welfare prevails yet again.