Friday, March 31, 2017

$175 BILLION company to seek City of Austin tax incentives!!!

"Dishonest scales are an abomination to the Lord,
But a just weight is His delight."
Proverbs 11:1

Oh hellllllllllllllllllllllllllllllllll no:
Merck, the global pharmaceutical and health care firm, is considering Austin for a new technology center that could create up to 600 jobs and serve as a major anchor for the innovation district emerging around the Dell Medical School.

According to city fillings made public this morning, Merck will request $856,000 from the city in performance-based incentives over a 10-year period. In exchange, the company would provide the new jobs, which pay an average annual salary of $84,586, the city’s economic development department said in a release.

According to a draft economic development proposal, the company also would invest almost $29 million in facilities and equipment by 2023.
Read the whole thing here.

Merck's market capitalization at the time of publication:

Bottom Line: A new technology center as part of the innovation district at the Dell Medical school sounds like a lovely idea, one which Merck can pay for out of their $175 billion market cap without tapping out vulnerable taxpayers.

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