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View Diary: NJ Casino Declares Bankruptcy In 10 Months, Gov. Christie's Bad Bet Will Cost Taxpayers Millions (184 comments)

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  •  I was thinking the same thing IF it's structured (2+ / 0-)
    Recommended by:
    eXtina, mconvente

    as tax credits. Revel doesn't exist then there would be no taxes to credit.
    The state will be holding the bag on $20 million for roadway widening. The roads should have been widened way b4 the joint opened. The transportation infrastructure sucks for the boardwalk casinos.

    OTOH, that spaghetti bowl around the Borgata must have cost ten times that 10 years ago.

    •  There are credits and there are other forms of (1+ / 0-)
      Recommended by:
      mconvente

      taxes that are direct subsidies for instance a separate tax just for AC residents that is meant to subsidize the industry, and bonds that will be floated which will be paid for by higher property taxes.

      "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

      by eXtina on Thu Feb 21, 2013 at 03:07:47 PM PST

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    •  the larger point is public works vs private corp (1+ / 0-)
      Recommended by:
      mconvente

      why should ANY private corporation be subsidized by taxes? aren't right wing conservatives against government supporting business? of course not but that's what they say. if we can't use taxes for a public works project, why should we use taxes, whether they be credits or any other kind, to subsidize a private concern which can't otherwise survive? That is the point.

      "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

      by eXtina on Thu Feb 21, 2013 at 03:24:03 PM PST

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    •  the only 260 million mentioned is tax credits (0+ / 0-)

      Also, if the place goes bankrupt, is Revel still owed the tax credits?

      We can have change for the better.

      by phillies on Thu Feb 21, 2013 at 08:32:42 PM PST

      [ Parent ]

      •  wrong, there are other examples (2+ / 0-)
        Recommended by:
        Paper Cup, Dirtandiron

        listed, you are choosing to ignore them - like where it explains how property taxes will go up to pay for bonds and how Atlantic City residents are levied with a tax for the sole purpose of subsidizing the casinos

        "I'm sculpting now. Landscapes mostly." ~ Yogi Bear

        by eXtina on Thu Feb 21, 2013 at 09:38:00 PM PST

        [ Parent ]

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