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Date:August 10, 2018
Contact:mediacenter@freeandfairmarketsinitiative.org 

 

While New Jersey’s Elected Officials Offer Amazon Billions In Corporate Welfare, The State’s Fiscal Outlook Remains Dire   

Shot 

Despite Raking In $2 Billion In Profits Last Quarter, Amazon Is Still Being Offered $7 Billion In Corporate Welfare And Taxpayer-Funded Subsidies From New Jersey…  

“Newark cemented into law its $2 billion incentive on Wednesday to convince retail giant Amazon to open its second headquarters in the city. The City Council gave final approval to three ordinances that would allow any corporate headquarters that creates 30,000 jobs and invests $3 billion over 20 years to qualify for tax breaks and a long-term exemption.” (NJ.Com, “It’s official: Newark cements $2B tax package for Amazon,” Karen Yi, 8.8.2018)  

“New Jersey’s offer, which could total $5 billion in tax breaks, rivals some of the largest incentive packages hatched by states looking to land big businesses, and would set a record within the state.” (NJ.Com, “N.J. Legislature clears way for $5B in Amazon tax breaks,” Samantha Marcus, 1.9.2018) 

“The Seattle retail and technology giant on Thursday reported a record profit of $2.5 billion, the latest sign of the company’s success in tapping new markets even as it deepens its dominant position in e-commerce.” (The Seattle Times, “Amazon posts record $2.5 billion profit as cloud sales growth continues,” Matt Day, 7.26.2018) 
 

Chaser  

…While Pensions In New Jersey Remain Underfunded By $59.7 Billion And The State Faces A $2.4 Billion Budget Deficit  

“Without our proposed changes, projections for FY19 are on a trajectory for a General Fund deficit of $2.4 billion. What this means is that assuming no new revenue initiatives and no new spending, other than trend revenue and trend appropriations growth, and assuming a year-end surplus of two percent of budgeted appropriations, we are on track for a General Fund deficit of $2.4 billion.”  

(New Jersey Department of the Treasury, “State Treasurer Delivers Revised Revenue Estimates to Assembly Budget Committee,” , 5.21.2018)  

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ABOUT THE FREE & FAIR MARKETS INITIATIVE 

The Free & Fair Markets Initiative (FFMI) is a non-profit coalition of businesses, consumer advocacy groups, workers and community activists committed to scrutinizing and highlighting emerging market trends that are stifling competition and innovation, influencing federal and local government spending, putting consumer data in harm’s way and limiting consumer choice. For a list of members, please visit https://freeandfairmarketsinitiative.org/about-us/members/. For more information on the Free & Fair Markets Initiative, please visit https://freeandfairmarketsinitiative.org. 

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