AFP Calls Foul On $82M Corporate Welfare Handout To Basketball’s 76ers

Jun 10, 2014 by AFP

AFP Calls Foul on $82M Corporate Welfare Handout to Basketball’s 76ers

TRENTON – Americans for Prosperity is joining a chorus of voices across the politic spectrum criticizing a massive tax break to the Philadelphia 76ers to build a practice facility in Camden. The deal, approved this week by the state Economic Development Authority, gives an $82 million tax break to the NBA franchise.

“Senator Doherty is right. This amounts to nothing more than a ‘free gift’ to a politically connected billionaire,” said AFP state director Daryn Iwicki, “and it’s one we can ill afford given the enormity of the State’s fiscal problems.”

“How many failures do we have to see? How many times must taxpayers be left on the hook before we realize this kind of corporate welfare just doesn’t work?”

“It’s regrettable that Gov. Christie and others in the Legislature continue to buy into the idea that these kinds of corporate welfare handouts will bring jobs and economic growth. If they were right, Atlantic City would be a bastion of prosperity today but it’s far from it.”

“It’s also hypocritical to say the least to hear politicians like Sen. Norcross tell us this is a cure-all for Camden. I thought this was the kind of ‘trickle down economics’ Sen. Norcross would otherwise decry. Yet, here he applauds a massive tax break to a billionaire while trying to sell that this will turn Camden around?”

“If only Sen. Norcross were as willing to cut taxes for the rest of us, New Jersey might just be a lot better off and far more prosperous than it is right now.”

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