Opinion: We rarely agree with socialist Congresswoman-elect Alexandria Ocasio-Cortez, but she’s right to call billions of dollars in taxpayer subsidies for Amazon "extremely concerning." These handouts to one of the richest companies in the history of the world, with an essentially zero cost of capital, is crony capitalism at its worst, writes The Editorial Board.
AMAZON'S HQ2
Amazon’s New York Home Qualifies as ‘Distressed’ Under Federal Tax Law
The Long Island City site was designated as an “opportunity zone,” an incentive created by President Trump’s tax bill to help low-income areas attract investment.
Critics fear the tax break could primarily help wealthy investors and speed gentrification in parts of the U.S. already likely to draw investment.
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A mix of businesses, warehouses and residences along Vernon Boulevard near Route 495 in the Long Island City neighborhood of Queens. Joshua Bright for The New York TimesOffering $2 Billion in Incentives, Did New York and Virginia Overpay for Amazon?
The states offered tax credits, rebates and other incentives to lure the online retail giant and 25,000 jobs. Neighboring states offered even more.
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New York is a genuine tech hub. (And that was before Amazon.)
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