So now that the “Tech Giant” Twitter has gone public with its IPO, let us reflect:
2011 They were given an exemption from having to pay a 1.5% city payroll tax for the next six years. Only available if it stays located in San Francisco.
2013 They receive $20 million in tax breaks by “engaging” charities within San Francisco.
November 2013 They reach Initial Public Offering status on the stock exchange.
I am a bit confused by this, not because the numbers and such. I am confused that a tax break some-how-translates to cash in the pocket of a business (run by the rich) and they get another yacht or Jaguar per year from tax-based-revenue evasion. Sadly, the laws are written to protect the rich, rich interests, and companies bigger than “Mom and Pop” & “Grassroots” organizations. Once you become a giant, you gobble up everything with the blessing of the government.
But didn’t we go through this crap with the bank bailout in the late 2000′s?
The banking corporations went on to have “record profits” after that. Was it paid back? Even if the profits were not “record”, any profit status should payed back to YOU, the tax payer.
I walk past the Twitter building enough to see that there is now a cloud of cigarette smoke where there wasn’t before. Try investing in some pricey high-tech way of venting your poison through filters and stay inside, where people on the internet are entertained by celebrity dumbshits.
I read about a lot of family businesses going under in San Francisco very frequently. I do find it hard to swallow that after a business has been operating for 50 plus years, its suddenly driven out of the neighborhood that supported it.
Gentrification is often pointed out as the reason for things sliding further into the toilet for the labor class of citizens here. I say its “Whitewashing” the area, that is to say that ethnic diversity is characterized by people-of-varying-degrees-of-income are squeezed out. In practice, its the opposite effect of The Great White Flight, such that areas get seeded with economically mobile individuals into areas of family housing buyouts. The local housing is then renovated for elite class of income at the price of generational families being forced out. The City loves when property values go up because they do recover some extra tax money.
…but what about developer “tax breaks?”
How does a company that does not sell anything make money?
I romanticize about “factories that make things that people use” a lot. Our country used to manufacture things for domestic consumption and export. The USA exports the idea of “Consumption” and imports most everything they can to sell. I am sure that certain countries get a “tax break” for doing business with us.
Tax breaks to enormous businesses and corporations trickle money out to the community they displace.
As the Giant occupies your land, he defecates on your pasture with a fertilizing substance…
Why so ranty? Maybe people will start using their Twitter less, or delete it entirely.
Maybe someone will open a factory in the United States that builds something.