States Race to Cut Taxes to Attract Intel

[Rose Siding]

SAN FRANCISCO (Reuters) - Intel Corp. (INTC.O: Quote, Profile, Research) , the world's largest chip maker, is offering U.S. states the promise of dollars of capital investment in exchange for an overhaul of their tax laws, which it says are making the United States less competitive than other regions of the world.

The Santa Clara, California-based company is now heavily lobbying officials in Arizona and Oregon for tax cuts that could save the company tens of millions of dollars a year in property and income taxes.

At the same time, executives have begun speaking out more forcefully about the lure of China, Singapore and Malaysia, whose governments are offering free land and tax holidays to Intel to build its first Asian factory in their borders.

Critics say Intel is playing local governments off of one another to reduce its state tax burden to virtually nothing.
"We call it the race to the bottom," said Michael Mazerov, a policy analyst at the nonpartisan Center on Budget & Policy Priorities, in Washington, D.C. "The companies have gotten very sophisticated at pitting localities against each other in a bidding war."

http://reuters.com/newsArticle.jhtml?type=businessNews&storyID=7818424

[TahitiNut]

1. Another wealthy corporation with it's hand out for welfare.

I'd like to rescind the business license for corporations that do this. Intel is one of the most predatory around ... and they do HUGE amounts of off-shore, cheap-labor fabrication and assembly.

Those other countries aren't paying for a military that costs more than all the militaries of the rest of the world combined! There's a price for police protection, fire protection, public education, clean water, and decent sewage systems ... but these corporations just want the benefits without the costs. Fuckers!

[struggle4progress]

2. "Screw us!" "No, screw us!" "No, we're really begging for it!" eom