Tax $$ Used to Finance Private Corporations

What if your business could get low interest and no interest loans, through government?? How about being able to finance your growth through tax dollars?? That is happening now with the politically connected and those who have friends in government and especially the Administration.

Should government finance private firms?especially since Washington is borrowing 46 cents of every dollar it spends?

?A winery in North Carolina, a golf resort in Puerto Rico and a Corvette museum in Kentucky, as well as the Barclays Center in Brooklyn and the offices of the Goldman Sachs Group and the Bank of America Tower in New York ? all of these projects, and many more, have been built using the tax-exempt bonds that are more conventionally used by cities and states to pay for roads, bridges and schools.

In all, more than $65 billion of these bonds have been issued by state and local governments on behalf of corporations since 2003, according to an analysis of Bloomberg bond data by The New York Times.?

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A Stealth Tax Subsidy for Business Faces New Scrutiny

Bond Giveaway: The Times?s Louise Story on corporations that enjoy billions of dollars in tax-free financing.

By MARY WILLIAMS WALSH and LOUISE STORY, NY Times,?? 3/4/13

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At a time when Washington is rent by the politics of taxes and deficits, select companies are enjoying a tax break normally reserved for public works. This style of financing, called ?qualified private activity bonds,? saves businesses money, because they can borrow at relatively low interest rates. But those savings come at the expense of American taxpayers, because the interest paid to bondholders is exempt from taxes.

What is more, the projects are often structured so companies can avoid paying state sales taxes on new equipment and, at times, avoid local property taxes. While some deals might encourage businesses to invest where they might otherwise not have invested, there are few guarantees that job creation or other economic benefits actually occur.

Source: http://capoliticalnews.com/2013/03/06/tax-used-to-finance-private-corporations/

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