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Editor’s note: This release from the Heritage Foundation carries a warning which may come too late in light of the recent action by Governor George Allen’s administration and the General Assembly in voting funds for the Disney Company.
One of the most popular strategies states now use to boost their economies is to lure big companies with generous tax incentives and subsidies. Unfortunately, the taxpayers are getting burned in the “bidding war” that has erupted between the states.
Alabama is a good example. Writing in the forthcoming issue of the Heritage Foundation’s Policy Review magazine, John Hood, Vice President of the John Locke Foundation, a Raleigh, N.C., think tank, says that to win the state-vs.-state battle for a $300 million MercedesBenz manufacturing plant, Alabama offered $350 million in tax breaks and other incentives. The state also
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