GE Representation Without Taxation "Discussion"
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TheRifleman
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Re: General Electric HQ | Necco St.| Fort Point
Boston doesn't need GE---GE needs Boston as all the innovation is coming out of Cambridge.
Corporate Welfare is out of control.
GE pays no income taxes now gets free rent in what of the most upcoming areas in the city of Boston.
It's seriously a fucking joke.
Boston doesn't need GE---GE needs Boston as all the innovation is coming out of Cambridge.
Corporate Welfare is out of control.
GE pays no income taxes now gets free rent in what of the most upcoming areas in the city of Boston.
It's seriously a fucking joke.
Equilibria
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Re: General Electric HQ | Necco St.| Fort Point
Unless you have a different source, that's incorrect. GE is paying rent to the City on the warehouse buildings. The BRA owning them exempts them from property tax.
Obviously they wouldn't be doing it this way if it weren't some degree of shenanigans, but the BRA has revenue on the deal.
GE is paying the construction costs either way. If they owned the buildings, they wouldn't be paying rent. It's an exchange of rent for property tax, with the balance presumably coming out $25M in GE's favor, as per the initial bid from the Mayor.
Unless you have a different source, that's incorrect. GE is paying rent to the City on the warehouse buildings. The BRA owning them exempts them from property tax.
Obviously they wouldn't be doing it this way if it weren't some degree of shenanigans, but the BRA has revenue on the deal.
GE is paying the construction costs either way. If they owned the buildings, they wouldn't be paying rent. It's an exchange of rent for property tax, with the balance presumably coming out $25M in GE's favor, as per the initial bid from the Mayor.
TheRifleman
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Re: General Electric HQ | Necco St.| Fort Point
These corporations at this point can't lose.
Everything is a win win scenario even if they lose.
Tax incentives, Tax laws all favor these corporations. They can never make a bad bet without losing.
The taxpayers & Working class have become the fucking suckers of this country.
Seriously GE is worth 280 Billion dollars.
Somebody really needs to evaluate the IRS laws at this point.
Owe don't forget the Clinton, Gates and Zuckerberg Non-profit Foundations.
Granted Zuckerberg tried to screw his best friend over shares but now he is giving his money away. Get the fuck out of here.
Nothing but slush funds for these people to avoid paying their fair share of taxes.
These corporations at this point can't lose.
Everything is a win win scenario even if they lose.
Tax incentives, Tax laws all favor these corporations. They can never make a bad bet without losing.
The taxpayers & Working class have become the fucking suckers of this country.
Seriously GE is worth 280 Billion dollars.
Somebody really needs to evaluate the IRS laws at this point.
Owe don't forget the Clinton, Gates and Zuckerberg Non-profit Foundations.
Granted Zuckerberg tried to screw his best friend over shares but now he is giving his money away. Get the fuck out of here.
Nothing but slush funds for these people to avoid paying their fair share of taxes.
JumboBuc
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Re: General Electric HQ | Necco St.| Fort Point
No final agreements have been reached regarding incentives. Any numbers you hear at present are just estimates, hypotheticals, and conjecture. Let's wait until something is final before passing judgment.
Yesterday's Globe article about the site selection was updated with more info. From what I'm reading, GE picked this site for 100% the right reasons and their plans for it sound fantastic from an urbanist perspective.
No final agreements have been reached regarding incentives. Any numbers you hear at present are just estimates, hypotheticals, and conjecture. Let's wait until something is final before passing judgment.
Yesterday's Globe article about the site selection was updated with more info. From what I'm reading, GE picked this site for 100% the right reasons and their plans for it sound fantastic from an urbanist perspective.
Boston Globe said:
Re: General Electric HQ | Necco St.| Fort Point
What a fucking joke of a post. Have you ever contributed anything to this board? The same nonsense on repeat derailing threads.
First corporate income taxes are only 10% of federal revnues...35% is from payroll taxes, which is half paid by companies, 45% personal income and the remainder is misc items.
Second, GE had zeroed out its profits in recent years from losses carried forward in the prior years. It is just how accounting and taxes works. If they couldn't carry foward losses, then they would wait to declare losses until the year they can offset profits. Losses and profits is a zero sum game with that regard. It is a built in passive stimulus for companies.
Now, last quarter they put aside 1.3B in income tax provisions. GE's corporate welfare from MA will pay foritself 10x from added small business, personal and corporate income taxes.
What a fucking joke of a post. Have you ever contributed anything to this board? The same nonsense on repeat derailing threads.
First corporate income taxes are only 10% of federal revnues...35% is from payroll taxes, which is half paid by companies, 45% personal income and the remainder is misc items.
Second, GE had zeroed out its profits in recent years from losses carried forward in the prior years. It is just how accounting and taxes works. If they couldn't carry foward losses, then they would wait to declare losses until the year they can offset profits. Losses and profits is a zero sum game with that regard. It is a built in passive stimulus for companies.
Now, last quarter they put aside 1.3B in income tax provisions. GE's corporate welfare from MA will pay foritself 10x from added small business, personal and corporate income taxes.
TheRifleman
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Re: General Electric HQ | Necco St.| Fort Point
^^^
The bible is like a 1000 pages. The U.S. Federal Tax Code is like over 50,000 Pages.
Something seriously wrong with this picture.
Then you give these corporations bailouts, stimulus packages, Tax incentives,
Owe because of JOB GROWTH.
Keep enslaving the productive class of society with inflation, along with regulations, and laws.
Your a joke to believe this garbage.
^^^
The bible is like a 1000 pages. The U.S. Federal Tax Code is like over 50,000 Pages.
Something seriously wrong with this picture.
Then you give these corporations bailouts, stimulus packages, Tax incentives,
Owe because of JOB GROWTH.
Keep enslaving the productive class of society with inflation, along with regulations, and laws.
Your a joke to believe this garbage.
odurandina
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Re: General Electric HQ | Necco St.| Fort Point
As if we needed any more proof of how screwed we are, any business choosing to expand or locate 'somewhere' has 27 states fighting over them. It's a buyer's market. Like most cities, Boston will be lucky if it doesn't implode within 5 years. Building the last infill, a few highrises, and a few skyscrapers should help slow the public union death spiral somewhat. In the end, the wrong people will get blamed (like always) when the party ends.
As if we needed any more proof of how screwed we are, any business choosing to expand or locate 'somewhere' has 27 states fighting over them. It's a buyer's market. Like most cities, Boston will be lucky if it doesn't implode within 5 years. Building the last infill, a few highrises, and a few skyscrapers should help slow the public union death spiral somewhat. In the end, the wrong people will get blamed (like always) when the party ends.
TheRifleman
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Re: General Electric HQ | Necco St.| Fort Point
^^^
Chicago, Detroit, California.
The democratic model of giving the taxpayers money to the corporations to for their own benefit:
The corporations reinvest 25% of the taxpayers money back into the elected official
as the Corporations skips out of paying any real taxes.
Nothing more than skimming off the taxpayers labor value.
The only reason Boston won't go down that path yet is because of MIT and Colleges. I hope.
But Chicago is Imploding now.
But lets wait for the details from City Hall because overall I feel like things are more balanced than our Ex-Mayor
^^^
Chicago, Detroit, California.
The democratic model of giving the taxpayers money to the corporations to for their own benefit:
The corporations reinvest 25% of the taxpayers money back into the elected official
as the Corporations skips out of paying any real taxes.
Nothing more than skimming off the taxpayers labor value.
The only reason Boston won't go down that path yet is because of MIT and Colleges. I hope.
But Chicago is Imploding now.
But lets wait for the details from City Hall because overall I feel like things are more balanced than our Ex-Mayor
Last edited:
Re: General Electric HQ | Necco St.| Fort Point
The sources for claims of free rent are from the state/city agreement with GE
https://www.bostonglobe.com/busines...te-used-woo/Qn4xP2p73DYKae5sU5FnPO/story.html
As part of (2): "If the Company occupies any properties owned or leased by the Boston Redevelopment Authority, for a lease term of up to 20 years, the company shall be responsible for only annual operating expenses, property taxes not abated or subject to a PILOT agreement, and interior renovation costs"
In a typical commercial lease, you pay rent plus the items above. The agreement sounds like they are getting a 20 year lease where they don't pay rent. And they also don't pay up to $25MM in taxes. They do pay for operating expenses, maintenance, renovations, etc. These may be extensive costs as it seem the buildings the BRA is buying need to be rehabilitated.
A lot of people ignored this part of the agreement because BRA properties seemed unappealing for a GE-type client. I don't see a reason for the BRA to buy the properties other than to exercise the part of the agreement where they give GE free rent.
The sources for claims of free rent are from the state/city agreement with GE
https://www.bostonglobe.com/busines...te-used-woo/Qn4xP2p73DYKae5sU5FnPO/story.html
As part of (2): "If the Company occupies any properties owned or leased by the Boston Redevelopment Authority, for a lease term of up to 20 years, the company shall be responsible for only annual operating expenses, property taxes not abated or subject to a PILOT agreement, and interior renovation costs"
In a typical commercial lease, you pay rent plus the items above. The agreement sounds like they are getting a 20 year lease where they don't pay rent. And they also don't pay up to $25MM in taxes. They do pay for operating expenses, maintenance, renovations, etc. These may be extensive costs as it seem the buildings the BRA is buying need to be rehabilitated.
A lot of people ignored this part of the agreement because BRA properties seemed unappealing for a GE-type client. I don't see a reason for the BRA to buy the properties other than to exercise the part of the agreement where they give GE free rent.
TheRifleman
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^^^
I'm not 100% sure on this but isn't GE sitting on a chunk of Land in EVERETT which could be used to help create affordable housing.
Why are these corporations aloud to sit on land that is probably a tax right off but then bleed the city in tax incentives claiming they are creating jobs and taxes.
The taxpayers are getting taken to the cleaners by these corporations.
Monsanto destroyed the land in Everett never paid any fines.
GE is sitting a bulk of land in Everett that is unused (I'm pretty sure they still own this)
That's why these corporations never lose.
I'm not 100% sure on this but isn't GE sitting on a chunk of Land in EVERETT which could be used to help create affordable housing.
Why are these corporations aloud to sit on land that is probably a tax right off but then bleed the city in tax incentives claiming they are creating jobs and taxes.
The taxpayers are getting taken to the cleaners by these corporations.
Monsanto destroyed the land in Everett never paid any fines.
GE is sitting a bulk of land in Everett that is unused (I'm pretty sure they still own this)
That's why these corporations never lose.
tangent
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Re: General Electric HQ | Necco St.| Fort Point
http://www.boston.com/news/business...eral-electric-boston-headquarters-deal-so-far
I think the city or state being landlord, property developer and leasing the building/land back to GE sounds like a bad plan if that is the direction they are going in.
My understanding of the $125 million was that it would have been for road, public utilities improvements, sidewalk, parks and harbor walk, pedestrian bridge(s), public heliport pads or maybe some other transportation improvements.
Basically all the sorts of public things that cities invest in and should invest in to get the City moving rather than becoming a landlord and going out of the way in creating winners and losers in the economy and putting other businesses, especially small and medium companies that are expected to carry their own weight, at an economic disadvantage.
In fact, I don't see how $125 million would be enough money to do all the infrastructure stuff if a substantial portion is diverted to becoming a landlord or becoming a bank and financing the development... forgetting for a moment how such a deal would look and to some extent already does look. Like another Evergreen Solar deal for the state.
If GE, the city and the state are serious they will focus on what actual public investments can be made with the $125 million that will support GE's chosen location rather than funding what should be part of GE's investment.
http://www.boston.com/news/business...eral-electric-boston-headquarters-deal-so-far
I think the city or state being landlord, property developer and leasing the building/land back to GE sounds like a bad plan if that is the direction they are going in.
My understanding of the $125 million was that it would have been for road, public utilities improvements, sidewalk, parks and harbor walk, pedestrian bridge(s), public heliport pads or maybe some other transportation improvements.
Basically all the sorts of public things that cities invest in and should invest in to get the City moving rather than becoming a landlord and going out of the way in creating winners and losers in the economy and putting other businesses, especially small and medium companies that are expected to carry their own weight, at an economic disadvantage.
In fact, I don't see how $125 million would be enough money to do all the infrastructure stuff if a substantial portion is diverted to becoming a landlord or becoming a bank and financing the development... forgetting for a moment how such a deal would look and to some extent already does look. Like another Evergreen Solar deal for the state.
If GE, the city and the state are serious they will focus on what actual public investments can be made with the $125 million that will support GE's chosen location rather than funding what should be part of GE's investment.