Rich Take From Poor as U.S. Subsidy Law Funds Luxury Hotels

Rich Take From Poor as U.S. Subsidy Law Funds Luxury Hotels

www.bloomberg.com

Investors have used the program, called New Markets Tax Credits, to help build more than 300 upscale projects, including hotels, condominiums, office buildings and a car museum, on streets far from poverty, according to Treasury Department records released through a federal Freedom of Information Act request.

Against Intent

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Why is it that when big money corporations are prison raping the american taxpayer Goldman Sachs is in the mix?

This is a prime example of companies using tax breaks to turn a profit for their own benefit.
And how a hotel that rents rooms for 600 bucks a night is a asset to the community is beyond me. For 200 minimum wage jobs?
I don't think it's worth it.
Problems with laws being written is that they have no bit. These companies need to pay that money back. I don't have a problem with government loans for companies that can pay the loan back. But tax credits for luxury hotels doesn't jive with me.

www.bloomberg.com
(visit the link for the full news article)

reply to post by grey580


Capitalism...creating a product people want to spend money on. It is a good thing. It provides jobs and dignity-more than the front desk and housekeeping. Luxury properties spend a lot of money in the amenities of the building. Carpets, artwork, antiques, lighting, food, beverages. There are many creative people who get hired by companies like this: chefs, interior designers, wedding planners, Somaliers, artists, musicians and florists. Making peoples lives more pleasant and adding beauty to them is the noble work of being in a civilized society. This is the American Dream, that those who are interested in sharing such things with the people they love can work very hard to achieve the wealth it takes to attain. Success is not a crime.

reply to post by grey580


absolutely sickening!!

i wonder if my comment should be its own thread, im not a hijacker.

The real "war" has always been rich vs. poor. every other is set up as a false proxy. wouldn't the world be a better place if the top 5% of people were destroyed along with their heirs? look at all the misery and death carried out for their greed. wouldn't it be alot better to kill all of them? they are a parasite to humanity.

once their wealth structure is dismantled with no heirs, then everyone else would have a chance to live the way we desire

reply to post by Missing Blue Sky


Making peoples lives more pleasant and adding beauty to them is the noble work of being in a civilized society. This is the American Dream

I am SORRY. The way you put that really speaks volumes about the type of person "you" really are. So...let me see if I have this correctly. In "your" mind, its a dream to be able to serve the "nobles" by making their lives more pleasant and by adding beauty to them. And by happily doing so, that makes you part of a civilized society? Sounds alot more like "free roaming wage slavery" to me. We subjects have been thrust into a life of servitude already. Basically 90% of the jobs in this country are "service" related. Your reply wreaks of "republican overtones"...very unsavoury.

Originally posted by Missing Blue Sky
reply to post by grey580

 

Capitalism...creating a product people want to spend money on. It is a good thing. It provides jobs and dignity-more than the front desk and housekeeping. Luxury properties spend a lot of money in the amenities of the building. Carpets, artwork, antiques, lighting, food, beverages. There are many creative people who get hired by companies like this: chefs, interior designers, wedding planners, Somaliers, artists, musicians and florists. Making peoples lives more pleasant and adding beauty to them is the noble work of being in a civilized society. This is the American Dream, that those who are interested in sharing such things with the people they love can work very hard to achieve the wealth it takes to attain. Success is not a crime.

In building these upscale hotels, it may have employed low wage earners, and the products used to produce help low wage earners, but once that is done, it no longer helps them, which is what the program was intended for.

Instead, it will cater to the wealthy so they have a place to stay while going off on their business meetings.
The longterm benefits is for the wealthy at tax payer expense, and that is not success but theft in regards to the program guidelines.

Originally posted by Missing Blue Sky
reply to post by grey580

 

Capitalism...creating a product people want to spend money on. It is a good thing. It provides jobs and dignity-more than the front desk and housekeeping. Luxury properties spend a lot of money in the amenities of the building. Carpets, artwork, antiques, lighting, food, beverages. There are many creative people who get hired by companies like this: chefs, interior designers, wedding planners, Somaliers, artists, musicians and florists. Making peoples lives more pleasant and adding beauty to them is the noble work of being in a civilized society. This is the American Dream, that those who are interested in sharing such things with the people they love can work very hard to achieve the wealth it takes to attain. Success is not a crime.

I agree success is not a crime.

However using tax payer money to subsidize a luxury hotel is wrong. If you're going to create somthing that only is for the rich then it shouldn't be funded by tax payer dollars.

If some rich guys wants to spend all his own money to build that hotel and make a profit then more power to him.

Give me a good reason that it should be on the back of the taxpayers.