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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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Me neither. But hey, the Iron Monkey might sell a few more draft beers, and the Cosi over by the ferry will be busier, yippee.
Posted on: 2015/2/20 21:08
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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Yvonne, this is a dead horse. AIG does business all over the world, and many of those "foreign workers" you're complaining about are hired because they have knowledge/language skills particular to their markets. You're picturing a big AIG job fair where JC residents could line up to fill out an application; that's not who they're hiring.
Posted on: 2015/2/20 20:49
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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Besides receiving tax abatements, all the waterfront businesses that relocated to JC received a reduction on their income tax courtesy of Governor Whitman. That reduction was still in effect when AIG had financial problems. Sorry, if you get a tax break, hire American citizens.
Posted on: 2015/2/20 20:37
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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The hodgepodge system of tax incentives offered by one state or jurisdiction over another is not really helping anyone but the corporate shareholders. If there are going to be tax incentives, the tri-state area should work together to bring jobs to the region into transit centric locations.
It might be useful to create an incentive structure if the goal was to create a hub of a particular type of industry. For instance, creating a tax incentive to turn Hoboken into a publishing hub, drawing on the fact that Wiley and Pearson already have offices there. Draw up specific, limited, goal oriented tax incentives for related industries. In this example, the aim would be to draw in enough other publishers that Hoboken became a center for the industry. That would itself act as a magnet to attract other similar and tangential businesses without the need of tax incentives. NYC has plenty of vulnerable industries that are being priced out of traditional centers: fashion, design, publishing, media production.
Posted on: 2015/2/20 20:32
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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Just can't stay away
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Its a race to the bottom. Companies don't pay taxes anymore but employees do from their paychecks. They should make these companies sign a contract that says you can't pack up and leave to another State for X number of years after your tax break runs out only for tax break reasons.
Posted on: 2015/2/20 20:22
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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Good point. That's just efficient markets at work, though.
Posted on: 2015/2/20 20:14
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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Except all else is never equal. The reason companies hire so many skilled H1B workers is because they do the same work that Americans do, at a fraction of the wage. I'm not necessarily saying that's a bad thing, but this is why skilled immigrants are hired. Not because employers "can't find a qualified American."
Posted on: 2015/2/20 20:00
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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Further to that, all else being equal, any company would prefer to hire Americans in America. Reason being, sponsoring visas for foreigners is expensive, obviously. So if someone is sponsored, it's because they can't find a qualified American.
Posted on: 2015/2/20 19:27
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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Nah, I'm not buying that. Sure, some of their people live in NJ (or will move here), but many probably live in Manhattan, Brooklyn, Queens, etc. (Hope they enjoy that commute, btw). The city gains little from their being here, just like NYC gets almost nothing from me working there. This is just a boondoggle for the building owner and the employer, and a headline for Fulop.
Posted on: 2015/2/20 19:12
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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Yvonne, I really do wonder if you believe half the crap you say. Are you seriously claiming that AIG had an internal rule that said "we do not hire Americans"??? AIG is a multinational corporation, with thousands of employees. They hire people from all over. You can not claim otherwise. As for bemoaning local citizens not getting jobs because a company is hiring outsiders or foreigners, get a clue: not all people have the same or equal skills, schooling or experience. Yes, a lot of companies in Exchange Place and Harborside Financial Center have H1B workers, but often times, those workers are filling positions for which there aren't other qualified candidates. And, historically, the US has benefited from welcoming highly skilled, smart workers. We didn't get to become the world's greatest super power by closing our borders to skilled migrants. Some of the biggest companies in the tech world were started here by foreigners, because we make that possible. Are you telling me that AIG, or any other company that comes to JC, will be able to fill their IT, business, legal and research departments by strictly hiring local residents?? Get real.
Posted on: 2015/2/20 19:06
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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People love to criticize these deals, but one should look at the details before passing judgment. With revenue of almost 30 million dollars, and a NJ tax rate of 9% on income, plus the labor-related taxes that will be collected (and kept) in NJ, this looks like a pretty good deal for NJ taxpayers. About them not hiring locals, who is to say that a portion (small, or large) of their employees are not already living in JC, or neighboring towns?? For those people, the payroll taxes that were being generated and kept in NY will now stay in NJ, where their residence is located.
Posted on: 2015/2/20 18:54
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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I remember when AIG, the site this business will take over, went bankrupt. News 12 was interviewing the employees. Some talked about returning to their country, AIG hired many foreign nationals. And we wonder why local citizens cannot find work. 90 Hudson St, received a tax abatement and that business did not hire American people as a rule.
Posted on: 2015/2/20 18:32
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Re: $37.2 million tax break lures retailer to Jersey City waterfront
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Just can't stay away
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and in 16 years they will move back to NYC and so on and so on.
these companies already make a ton of money why do we keep giving them tax breaks? they are bringing their employees with them so its not like they will hire locals. nonsense.
Posted on: 2015/2/20 18:18
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Censorship is for pussies!!!!
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$37.2 million tax break lures retailer to Jersey City waterfront
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$37.2 million tax break lures retailer to Jersey City waterfrontBy New Jersey has stolen away another large business from its neighbors across the river, thanks to a $37.2 million tax break. After 106 years in Manhattan, apparel retailer Charles Komar & Sons will be taking its 500 employees and setting up shop at 90 Hudson St. on the Jersey City waterfront, taking over the space recently vacated by insurance corporation AIG. "We are excited to move to Jersey City," said Charlie Komar, co-owner of Komar & Sons. "We are moving into a terrific building in a great location. We plan to create an exceptional, inspiring and creative work place for our employees." Komar & Sons plan to move in to 90 Hudson Street by late summer. Forbes is moving to Downtown Jersey City and wholesale meat purveyor DeBragga & Spitler moved to Amity Street from Manhattan's meatpacking district in 2011. According to Timothy Greiner, a senior vice president with Newmark Grubb Knight Frank, who helped broker the deal, the company signed a 17-year lease with building owner Chambers Street Properties to occupy 159,141 square feet, or three floors, of 90 Hudson St. Read more: http://www.nj.com/jjournal-news/index ... n_tax_break_lures_re.html
Posted on: 2015/2/20 17:42
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