Question: When is a tax break for the wealthy not a tax break for the wealthy?
Answer: When a Democrat calls it an “economic stimulus plan.”
Of course, it’s still a tax break for the wealthy - calling it by another name doesn’t change the reality - but most Democrats are loathe to give even the slightest impression that they are anything but champions for the little guy, or girl. It might undermine Barack Obama’s “End-the-Bush-tax-cuts-for-the-wealthy!” mantra.
So, here we are in Massachusetts, where Barack-backer Gov. Deval Patrick will be giving away $1 billion of the taxpayers’ “hard-earned” money during the next 10 years to “life sciences” firms. The spin is that this will create all kinds of good jobs at good wages. But one wonders why, if biotech is such a good business bet, it will take $1 billion to prop it up enough to create some new jobs. When entrepreneurs see a good business opportunity, they generally go for it without looking for a government handout first.
One should also note that a chunk of this money - which breaks down to $500 million for capital improvements, $250 million in tax credits and $250 million in grants - will likely be going to some pretty big firms, headed by some very rich CEOs. Why else would some of them have been smiling so broadly at the passage of the governor’s bill?
A few of the little guys and girls aren’t applauding. A mini-version of the big $1 billion life sciences initiative played out in Gloucester this past week, with the announcement that Boston developer Sam Park would receive a $2 million state grant to help him with the infrastructure costs for his impending Gloucester Crossing mall. Critics complained that a wealthy guy like Park shouldn’t be getting a grant or a tax break - the money should have gone to education.
Obviously, you folks need another sip of the Kool-Aid. Take a drink and repeat after me: “economic stimulus … economic stimulus … economic stimulus …”
Posted in Massachusetts politics, State issues, Taylor Armerding | Comments
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