According to the Sanford Herald newspaper:
Lee County commissioners approved a five-year incentives agreement Monday that will help a local car parts manufacturer upgrade its machinery.
Monday’s deal amounts to $290,269 in tax breaks for Magnetii Marelli Powertrain Systems USA, which operates a 250,000 square foot facility for nearly 300 workers on Nash Street and Broadway Road, officials said.
The problem here that the government is picking winners and losers. If giving tax breaks to one company is good, then why not give some tax break to all companies? Recently Caterpillar got a combined $1million in state and local funds to expand their factory. Great, but where does it end? How much is the county willing to give away?
Which company will be next to need money? When the county says no to the next guy what will be the reason? Lack of funds? Not producing enough jobs?
I am reminded of an article I read a month or so ago in City Journal that not one ball park built in part with public funds has ever paid for itself. The only ones getting over on that kind of deal are the politicians and the club owners (millionaires).
This is a very short-sighted policy that will backfire. Who will pick up the tab when that happens?
This entry was posted in Public Policy
. Bookmark the permalink