May 28, 2014

Shifting Wealth With Cronyism

Hint: Only two parties benefit.

Here’s a question: Lawmakers in North Carolina gave computer company Apple a $370 million tax break for relocating to the state. Is this an example of savvy politicians pulling business into their state, or cronyism? According to a study by the George Mason University’s Mercatus Center, it’s a game of cronyism that benefits only companies and politicians, leaving taxpayers footing the bill. In the North Carolina example, Apple created only 50 jobs to the tune of $7.4 million per job. The study looked at cronyism and found, as the Heritage Foundation wrote, “Multibillion-dollar ‘economic development’ deals are steadily shifting wealth from taxpayer to large corporations.” State lawmakers need to fight for their citizens, not for the power and kickbacks that come with a well-known brand setting up in the neighborhood. More…

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