PA Must Reads: Asset Tests, Layoffs and The Race To Give Away Tax Dollars To Big Oil!

[KoKo]

PA Must Reads: Asset Tests, Layoffs and The Race To Give Away Tax Dollars To Big Oil


The Associated Press reports that war has broken out between West Virginia, Ohio and Pennsylvania over who can give away more tax dollars to Shell Oil.

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* Associated Press – 3 states offer big tax breaks for Shell Oil plant:

Pennsylvania, Ohio and West Virginia are trying to top each other with the sweetest package of tax breaks for Shell Oil Co., which plans to build a huge new petrochemical refinery in the region. But some are questioning why there’s been so little public discussion over exactly what’s being offered, and how the deals would impact communities and the region.

“Who’s going to be paying for the roads?” asked Robert P. Strauss, a professor of economics and public policy at Carnegie Mellon University. “You have to think through very carefully what the additional costs will be.”

The proposed plant, called a cracker in the industry, would take ethane out of natural gas and convert it into the basic materials for literally hundreds of consumer and industrial materials, including plastics, fertilizers and antifreeze…

Some are disturbed that states haven’t released a more detailed economic analysis of the proposed tax breaks. “We have no idea how much the state is losing in revenue each year. Nobody knows,” added Ted Boettner, director of the West Virginia Center on Budget and Policy. “It’s about transparency and accountability. Is it clear to county officials, school boards, how much revenue is being foregone?”

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Just in case you think throwing state tax dollars at individual companies while school districts are gearing up for another round of budget cuts is an isolated practice, here are two stories from just this week:

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* Joseph Distefano, The Philadelphia Inquirer – Philly fuse maker chooses Bucks over North Carolina
* Monica Von Dobeneck, Harrisburg Patriot-News – Pacific Edge Diagnostics should bring 100 medical sector jobs to Hershey over 3 years

Much More at.....

------http://my.firedoglake.com/thirdandstate/2012/02/02/pa-must-reads-asset-tests-layoffs-and-the-race-to-give-away-tax-dollars-to-big-oil/