FALSE You claimed their was a 30 million investment by the state of NC that returned 200 million dollars. This was nothing but projections by the movie industry paid consultants that passed them along to the Commerce dept. Now, when the subsidies were cut, the same movie industry paid consultants come up with numbers that they pass on to the Commerce dept showing hellish damage because they no longer get the subsidies. These are not real, independently audited numbers that are being used. When other states have done independent audits, they find that it is all bullshit! And that is why they got out of the movie business. It's a bad investment. Of course when you stop throwing 30 million dollars at an industry there are going to loads of people out of work that depended on that 30 million dollars for their jobs. The point of the 30 million dollars is not to just 'employ some people'. It is to get a positive risk adjusted return on that investment. And if the investment fails to achieve that, then it could be spent better elsewhere, no matter what it does to the people dependent on the 30 million dollars for their jobs. What this all boils down to is that you want to believe movie industry consultants financial projections and analysis and not independent audited roi analysis. This is very little different from the global warming scam. They're putting the money back in this scam for the same reason it always happens. Special interests rule. The special interests squawk loud, the media takes their side, financial projections are conjured up, and there you go. Movie deals, alternative energy deals, etc, etc. This all leads to one overriding question. Why are you hellbent on this? Why are you determined to fight to the bitter end to put gov't in charge of investment decisions for the people of NC? Why don't you want them to invest their own money? Why do you insist on continually trying to validate paid consultants numbers instead of relying on what other states have done with independent audits?
The proof is demonstrated in exactly what happened in North Carolina. A drop of over $300 million in tax overall revenue that came out of the movie industry. This is exactly what people who did the detailed math stated would happen and it occurred. Did any of the state legislators do any math about the impact of eliminating the movie tax credit, the answer is that they admitted that they did no math whatsoever. Now the state was forced to re-instate the movie tax credit to prevent further erosion of overall tax revenue and preserve the few remaining film projects that are about to move out of state. Why am I so hell bent on this? I am pro-business. I believe in lower business taxes and credits when they help drive the overall economy. Why don't you support lower taxes for businesses? Are you a closest socialist? What's next for you - a vote for Bernie? P.S. - There has never been an independent audit out of ANY state regarding a movie tax credit. All the "independent" audits were performed by outside political consulting firms whose sole intent was to support the legislator's decision to eliminate the tax credit. All of these independent audits were not done by accounting firms who understand math & tax policy impacts but by political hacks.
State auditor says film tax credits cost Louisiana $170 million in lost ... www.nola.com/politics/.../state_auditor_says_film_tax_cr.htmlThe Times‑Picayune Apr 29, 2013 - Louisiana's film tax credits cost the state nearly $170 million in lost tax revenues ... This is the state auditor's report. Not an outside firm. No Matter Who Wins at the Oscars, Taxpayers Lose on Film Subsidies http://reason.com/archives/2016/02/26/no-matter-who-wins-at-the-oscars-taxpaye "The Maryland Department of Legislative Services found that the state’s film tax incentive program only returns 6 centsfor every dollar spent. While this return is particularly poor, the best return in any state is still less than 30 cents on the dollar." Once again, the state auditor, not an outside firm or consultants. State Film Subsidies: Not Much Bang For Too Many Bucks http://www.cbpp.org/research/state-film-subsidies-not-much-bang-for-too-many-bucks ====== The North Carolina commerce dept is relying on outside studies from consultants who are paid for by the movie industry. And they are not audited. The NC dept of Revenue only sees that the 30 million was spent according to the terms of the legislation. Nothing else. Maryland and Louisiana are using studies done in-house by state auditors. They are not using outside auditors. And their studies show that investments in the movie industry are very poor undertakings.
"The audit acknowledges that the film program generates a substantial amount of indirect tax revenue by creating a demand for various jobs, goods and services. But the audit did not attempt to measure how much money the state took in through those ancillary purchases. Instead, it simply noted a consultant's economic impact analysis in 2011 that pegged the credit's economic output at about $5.40 for every $1 of tax credits awarded in 2010." The ENTIRE PURPOSE purpose of a business tax credit is to drive ancillary tax collection from ancillary purchases. The ancillary purchases of hotel rooms, meals, personal income tax collected, and other items usually is a factor of 5x to 10x the tax credit passed out. In the case of Maryland the ancillary economic benefit was estimated at $1.062 Billion for a tax credit of $196.8 million provided. Of course, the state will "lose" money if you only account for the tax credit spending saying the movie firms got a tax credit of $196.8 million and the state only collected $27 million in direct taxes from the movie firms rather than collecting a total of $223.8 million total due to the tax credit. This is an example of stupid math performed by politicians with an agenda. Any tax credit should account for the overall total tax revenue increase (or reduction) when performing calculation of the benefits. So when you read the articles in detail you find the "state auditor" (who is a politician) department hired an outside firm of political lobbyist to prepare the audit.
I only shop at Target. They have the best quality at the best price. If you want quality young man, save up your money, skip walmart and go to Target. Where do you think all these well dressed men get their clothes? You can always tell a Target guy. He's the one who looks like his wife dressed him.
For sure. The best computers on the planet are between everybody's ears. Socialism shuts those down, renders them pointless, really. Capitalism just puts the worst murdering psychopaths in charge but Libertarians create an environment where people can be themselves and prosper the way God intends...
This is the same sort of fantasy accounting that "proves" that it makes economic sense for cities and states to subsidize sports arenas for billionaire owners. Sure there is some economic benefit, but it is difficult to prove there is a net benefit. A lot of those employees would work elsewhere, so it is not like they all go on welfare. And of course, there is also the issue of who benefits and who pays. Taxpayers who can't afford tickets to pro sporting events pay the bill for billionaire team owners and leagues. Then the leagues turn around and start issuing demands about what kind of laws the states can have. Seriously, people put up with this? Whether NC has a film industry is a very narrow issue that involves big benefits to a select few, paid for by the vast majority of taxpayers. That is troubling to me, because well-connected interests, whether in the film industry, sport or real estate, will always have the incentive and resources to buy off legislators and generate bogus reports about what a great deal it is. The one constant is, they don't want to use their own money.
I wonder how Target would react today to that fat, loud, "Christian" woman parading through one of their stores, Bible in hand, denouncing the LGBTs. (I didn't want to use "fat", but a few on Team Right are still using people's appearance to make their arguments. Gotta be fair! )
"You can always tell a Target guy. He's the one who looks like his wife dressed him." goddamn, that's some funny shit right there.