The Time Warner Subsidy

http://www.futureofcapitalism.com/2011/04/the-time-warner-subsidy

Today's Wall Street Journal in its Greater New York section publishes an article headlined "Time Warner Eyes Headquarters Move," about the possibility that Time Warner would leave its Columbus Circle headquarters for a site at Hudson Yards, which is also on Manhattan's West Side: "Still, the rail yards have inducements, including tax abatements."

Meanwhile, over in the Marketplace section of the same paper is another article, headlined, "Time Warner CEO Pay Rises to $26.3 Million."

What better way for the New Yorkers who earn less than $26.3 million a year to treat a guy who earns $26.3 million a year than to pay him, using their tax dollars, to move his company from one part of Manhattan's West Side to another part of Manhattan's West Side? Why should Forbes and Newsweek employees have their taxes taken from them to give "tax abatements" to their competitors at Time Warner-owned Fortune and Time?

by Ira Stoll  |  Apr 11, 2011 at 11:06 am Related Topics:  Compensation, New York, Reverse Robin-Hood, Taxes receive the latest by email: subscribe to the free futureofcapitalism.com mailing list