Newark Mayor Cory Booker Lures Panasonic With $100M Tax Break

[Carnage251]

http://www.wired.com/epicenter/2011/04/newark-booker-pansonic/

Newark Mayor Cory Booker is a man on a mission: to revitalize a city that has been worn down by decades of corruption, mismanagement, poverty and crime. The former Stanford University football player and Rhodes Scholar has enlisted some tech heavies to help him, including Facebook CEO Mark Zuckerberg, Kleiner Perkins venture capitalist John Doerr, and Bill and Melinda Gates.

On Wednesday, Booker added another ally to his team: Japanese industrial and technology behemoth Panasonic, which is moving its North American headquarters to Newark, New Jersey.

Panasonic is currently based in Secaucus, New Jersey, but thanks to a $102 million transit hub tax credit from the state, the company said it plans to move into a “new, state-of-the-art, sustainable high-rise office building to be constructed adjacent to Newark’s One Riverfront Center.”

[Liberal_Stalwart71]

1. I see this as good news. Cory rocks! n/t

[xchrom]

2. tax bribes. nt

[provis99]

4. better a tax bribe to Panasonic than yet another chemical factory.

[xchrom]

5. the point is that communities NEED those taxes that like individuals -- businesses incur.

states, cities and counties are in serious financial trouble -- and business should pay their fair share.

not be given bribes to locate here or there.

localities are hurting their citizens and their tax coffers with this ridiculous practice.

[msongs]

3. only if it has a payback clause nt

[JustAnotherGen]

6. I think it's awesome

And it's the employees that play, eat, shop during lunch that will add to Newark's revenue. Many should be able to mass transit into work too!

[Jello Biafra]

7. Another company that wont pay income tax......

[xchrom]

8. +1 & citizens pay higher taxes because the company got a bribe.

Some 'deal'.

[border_town]

9. This is another side of Capitalism

that is the shit is going to hit the fan very soon. This crap should not be happening and should not be praised.