Sunday, January 22, 2012

how the poor get poorer: the bitter truth


Ed Dunn said...

This is exactly what was done with the Tax Increment Funding or TIF in Black inner cities around America. They give corporations a "tax break" that has to be paid back by the taxpayers, not necessary the corporation. So what happens is the actually community goes into a "tax debt" and now a negative balance community who are no longer contributing to the taxes - they paying off the TIF debt.

So no more "taxation without representation" argument because that whole urban community owe the city taxes from the debt financing of TIF. So what happened? In our community, we had a so-called Black-owned movie theater that took TIF funding to build a theatre, after the 3 years or 4 years when something expired, they shut it all down and bailed out, leaving the taxpayers with the debt.

And guess how that TIF is going to be paid? The tax dollars the real estate generate is going to pay off the debt isntead of being reinvested back into public schools or public works in the community. Check out this article below for more information:

Makheru Bradley said...

Making profits and creating enemies, or Smedley Butler in the 21st century.

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