The criminal creeps you call a city board of supervisors has decided that cutting tax breaks for select big businesses is good for business.
Of course, if it is good for one business, why not apply the same logic to all businesses?
The board basically handcrafted a tax free zone in the city to entice Twitter to move into that location, along with its high paid employees.
While any tax break from our criminal looting overlords is good, the application of specific tax breaks to specific corporations is tantamount to giving them a monopoly privilege. If Twitter doesn’t have to face the same market obstacles that every other corporation has to face, they obviously acquire a competitive advantage in the market.
Cronyism is the select placement of tax breaks, government contracts, subsidies, and other regulatory nonsense that grants a competitive advantage to one corporation at the expense of others.
Here we see a classic example of it in action, and CBS News portrays this as a good thing.
CBS News reports:
SAN FRANCISCO (CBS/BCN/AP) — The San Francisco Board of Supervisors approved a tax break Tuesday to keep Twitter from fleeing the city.
The measure passed 8-3 exempts the micro-blogging service from paying payroll tax on new hires if it moves to the city’s neglected Mid-Market area.
”This is a tax policy designed to revitalize neighborhoods in San Francisco that have been blighted for decades,” said Board of Supervisors President David Chiu, who was also one of the measure’s sponsors.
The exemption applies beyond Twitter, to any business in the Mid-Market or Tenderloin neighborhoods, on or near Market Street between Fifth Street and Van Ness Avenue. But city officials called Twitter the big fish that could spur economic growth.