All over the country, cities and states provide handouts and special advantages to the well-connected, using YOUR tax dollars. More than that, a series of exemptions, conflicting interests, and a lack of timely reporting keep this information secret from the public.
Without transparency and accountability taxpayers have no idea how much of their money is being given to private companies or the return on investment of these handouts. Even when companies are required to disclose the number of jobs created as part of their agreement, some haven’t submitted reports in years.
When companies over-promise to receive tax incentives, then under-deliver as job creators taxpayers are left in the dark. The lack of accountability short-changes state and local governments, forcing taxpayers to pick up the tab through higher taxes or cuts to necessary government services.
When the government hands out subsidies and tax breaks, it essentially picks winners and losers in business. That undermines competition and favors politically-connected companies over everyone else. This isn’t the way business should be done.
Read More About Corporate welfare:
Corporate welfare is especially problematic in Tennessee. Since 1995, Tennessee has awarded more than 9,200 subsidies to private companies, costing Tennesseans $4.3 billion. Most recently, the state and Nashville offered Amazon $102 million worth of incentives to lure the company to Nashville.
Our policy partners at The Beacon Center of