Website recognizes all stars of corporate subsidy abuse
New York, NY—The Getting Our Money’s Worth coalition announced the launch of a new website today that highlights the corporations that receive tax breaks but fail to create jobs, or create only poverty-wage jobs in return.
The website launch featured a handful of corporations—from big banks like Bank of America Merrill Lynch to luxury apartment developers like Carl Paladino and A.G. Spanos—who have gamed New York’s economic development system.
“We’ve been looking at economic development data since 2006 and honestly have only seen the problems of bad tax break deals and failed job creation grow worse,” said Matt Ryan, Executive Director of ALIGN. “So much corporate subsidy activity happens behind closed doors—we hope the Hall of Shame website builds greater public awareness of these Corporate Tax Dodgers.”
The website launch comes on the heels of the coalition’s latest report showing that in New York’s largest subsidy program, more than half of all completed projects failed to create a single job.
“Economic development agencies give away more than $3 billion of our tax dollars each year, but aren’t holding corporations accountable,” said Allison Duwe, Executive Director of the Coalition for Economic Justice. “In many parts of the state, public services are being threatened and families’ property taxes are soaring as a result.”
The website launch coincides with a week of direct actions in five regions of the state, where “induction ceremonies” will be held to commemorate what little corporate subsidies have actually delivered. The first of the actions is happening today in Rochester. Other actions throughout the week will take place in Long Island, Poughkeepsie, Albany, Buffalo, and New York City.
Charlene Obernauer of Long Island Jobs with Justice said, “Most of the problems we have seen have pretty simple solutions—it’s just a matter of our elected officials stepping up and protecting the public interest.”
The coalition plans to continue adding Corporate Tax Dodgers to the Hall of Shame website throughout the fall, and they are accepting nominations on the website www.GettingOurMoneysWorth.org. They also hope to launch a Hall of Fame website to profile some positive examples of economic development spending that has resulted in good jobs and broad community benefits.
The Getting Our Money’s Worth Coalition is a broad coalition of public policy experts, government watchdogs, labor unions, community and religious organizations, and concerned small business owners, workers and taxpayers. The statewide coalition is anchored by ALIGN: The Alliance for a Greater New York and the Buffalo-based Coalition for Economic Justice