WHY TAXPAYERS DESERVE DETAILS – NOT VAGUE TALKING POINTS AND HIGHER TAXES On June 25th, the mayor of Columbia, Steve Benjamin, unveiled what’s being commonly called the “Bull Street Development Deal.” The deal would involve the city committing to an estimated $70 million for infrastructure, two parking garages, and a minor league baseball stadium. The estimated economic […]
WHY THE RUSH TO PUT FUTURE TAXPAYERS 120,000,000 MORE DOLLARS INTO DEBT? The news broke this week that Boeing plans to expand its existing North Charleston campus to include an information technology “center of excellence.” The expansion, according to a company spokesman, will create 2,000 jobs. State lawmakers quickly announced plans to issue $120 million […]
For years, the General Assembly has shut the door, cut deals with lobbyists and given away billions of dollars in incentives. Here’s what you can do about it.
It goes without saying our political leaders should treat public tax dollars with the same care and consideration they would their own finances. This maxim has never been more necessary when we consider the state’s recent experiment with government-driven economic development. As illustrated by the Boeing incentives package, there is little transparency regarding the financial details of these agreements, as well as the process by which lawmakers approve such incentives.
Imagine a business plan based on overly optimistic results, an underreporting of costs and a desire to conceal essential data from key stakeholders. If the result does not sound promising, then it should come as no surprise that the state’s long experiment with economic incentive deals is failing. Consider the following: Read more…