Companies that got huge tax breaks in NJ's poorest city barely employ its residents

Make your contribution now and help Gothamist thrive in 2023.Many of the companies that received multimillion-dollar tax breaks in Camden, New Jersey, only employ a handful of local residents, according to new data released by the city on Tuesday.

Billed in 2014 as a critical investment that would propel New Jersey’s poorest city into a new era, the tax break program did not require businesses that relocated to Camden to hire local residents. But a grassroots signature petition forced Camden city officials to begin releasing local hiring disclosures online“This isn’t just a test case for New Jersey and for Camden.

In response to questions over its hiring practices, the company said in a statement that it donated $5.2 million to organizations in the city, where roughly a third of all residents live in poverty. “Understanding the critical importance of further developing the workforce in Camden, we have partnered with local leaders to create and support infrastructure programs to train, prepare and connect Camden residents with stable, rewarding jobs,” said Molly Mita McEndy, the senior director of corporate communications for the 76ers.

11 out of 275= $82 million tax break. Wish regular citizen could do that same math on their taxes.

mikiebarb Sounds like Camden didn’t know how to structure a deal properly.

Subaru complicit all the way to the bank 🏦 💰 🏦

George Norcross crime syndicate and his wholly owned democratic Representatives ripped off the taxpayers yet again.

jerseyjazzman Seems Legit.

“Gov. Phil Murphy appointed a task force in 2019 to investigate the tax break program. The task force sent its findings to the attorney general's office, recommending a criminal investigation into whether some companies fraudulently threatened to leave the state”

Giving companies money to do business is a scam that needs to be stopped.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Analysis: Chinese companies hang onto dollars, hedge to prepare for volatile yuanSome Chinese companies are holding on to dollar revenues from exports, while others are turning to foreign exchange hedging in anticipation of a fall in the value of the yuan, according to executives, bankers and data analysed by Reuters. Yuanto make money? Ride the dollar. Companies have diversified portfolios, shocker. That's how smart the Chinese are. They can manipulate the currency to balance their books. Our RBA needs to weaken our dollar too
Source: Reuters - 🏆 2. / 97 Read more »

10 AI Development Companies Leading AI Innovation in 2023 | HackerNoonArtificial intelligence is a technology that surprised the world by evolving from a fictional tale in movies to now having a ubiquitous influence in every sphere of human life. - futureofai aitechnology
Source: hackernoon - 🏆 532. / 51 Read more »

South Korea says its own companies will pay to resolve forced labour dispute with JapanSouth Korea said on Monday that its companies would compensate people forced to work under Japan's 1910-1945 occupation of Korea, in a bid to improve poor relations that have impeded trade and cooperation between the two countries. いわいる徴用工問題と半導体材料の対韓輸出規制解除・ホワイト国優遇対象国に韓国を再指定は全く別の問題！しかもルールをクリアしてるのか？一緒にするべきではない！日本政府は別の問題として対応して頂きたい！それより韓国政権が代わっても何も言えない様にG7国に承認国になってもらい国際法で約束… It’s a smart and gracious plan. There were no forced workers at all,they were all seeking employment and paid.
Source: Reuters - 🏆 2. / 97 Read more »

Junk-Rated Companies Are Borrowing AgainBond yields have been rising again lately. That could create complications for low-rated companies that had just started to enjoy having easier access to credit.
Source: WSJ - 🏆 98. / 63 Read more »