According to Wikipedia, “a tax credit is a sum deducted from the total amount a taxpayer owes to the state. A tax credit may be granted for various types of taxes, such as an income tax, property tax, or VAT. It may be granted in recognition of taxes already paid, as a subsidy, or to encourage investment or other behaviors.”
With the enactment of SB1 in Missouri, when Boeing shows a profit and there are $150,000,000 in taxes due for 2014, then Boeing will pay NO taxes. I repeat; Boeing will pay no taxes. However, if McDonald’s shows a profit and there are $150,000,000 in taxes due, then McDonald’s will pay $150,000,000 in taxes.
When a corporation shows a profit, a portion of that profit is collected in taxes and is the property of Missouri’s citizens. Boeing is being handed $150,000,000 of Missourians’ tax dollars. How is this not corporate welfare?
This is the epitome of picking winners and losers
This is 100% anti-free-market
This is 100% anti-capitalism
This is 100% crony-capitalism.
This is 100% corporate welfare… ..giving property of Missouri taxpayers to a specific corporation.
So, the legislators that approved SB1 voted for picking winners and losers, anti-free-market, anti-capitalism and crony-capitalism legislation. Is this why you sent them to Jefferson City?
But, what’s worse is that our Governor and General Assembly spent nearly $100,000 proving that they have created an anti-business climate in Missouri. That’s the real travesty of this Special Session; Missouri is so anti-business, they have to bribe companies to come here.
It’s only a 3-page bill, so take the time to read it. The reasons for the emergency clause seem to be completely at odds with reality. Add a couple of clauses related to affirmative action and everyone… …but the taxpayer… …is happy.