WHAT COULD WE DO WITH $1 BILLION IN DC?
Housing, homelessness, public schools, transit—here’s what we could do instead.LEARN MORE
AMAZON AND JEFF BEZOS DON’T NEED OUR MONEY
Jeff Bezos is the wealthiest man in the world, worth more than $120 billion dollars—more money than the individual GDPs of two thirds of the countries in the world.LEARN MORE
WHAT WOULD AMAZON DO
An already unaffordable city could become a city for only the rich.LEARN MORE
Let’s Prioritize DC Communities, Not the World’s Richest Man
Our city’s elected leaders, led by Mayor Muriel Bowser, are rushing to give away an unknown amount of taxpayer money to the world’s richest man and one of the world’s wealthiest companies in an effort to bring Amazon’s “HQ2” to DC. The Mayor has reportedly signed a non-disclosure agreement with Amazon, preventing DC residents from even knowing what is being offered with their tax dollars. In a city with a housing and homelessness crisis, where tens of thousands of longtime black residents have been pushed out over the last decade, our city leaders are clamoring to bring in up to 50,000 new, likely affluent residents, without any conversation about the impact on longtime residents. And they’re boasting about 50,000 jobs, a made-up number invented by Amazon to spark a bidding war.
Our public money could be used to fund our housing, our schools, our transit, and our own communities. The Mayor should end DC’s participation in this race to the bottom and release the full DC Amazon bid including the subsidies offered.
What could we do with $1 billion in DC?
The Mayor has blocked us from knowing how much money DC is offering to funnel to Amazon, but the Washington Business Journal estimated “the package could likely exceed a half-billion dollars, possibly in excess of a billion.”1
What could we do with $1 billion instead of giving it away to the world’s richest man?
Here’s What We’re Giving Away to One of the World’s Richest Companies
Mayor Muriel Bowser has shrouded the DC bid’s incentive package in secrecy, redacting key information when she was forced to disclose the incentives in a documents request. We don’t know just how much DC is offering to give away to the world’s richest man. But we did learn some things about what DC is giving away to Amazon:2
A broad array of research shows these tax subsidy packages are wasteful and don’t deliver. A study of megadeals found that cities pay nearly $500,000 per job created.3
Big bonuses to the company for each person who moves to DC to work for Amazon
NO CORPORATE TAX
A 0% corporate franchise tax rate for five years, then 6% instead of 9% for perpetuity
SALES TAX EXEMPTION
Exemption from DC sales tax on key company purchases
PROPERTY TAX EXEMPTION
Exemption on property taxes for 5 years
And even more that the Mayor is keeping hidden from the public
January 18, 2018
February 6, 2018
October 19, 2017
October 17, 2017
January 30, 2018
WASHINGTON CITY PAPER
January 25, 2018
WASHINGTON CITY PAPER
February 24, 2018
INSTITUTE FOR LOCAL SELF-RELIANCE
November 29, 2016
INSTITUTE ON TAXATION AND ECONOMIC POLICY
February 13, 2018
March 15, 2018
March 16, 2018