Friday, June 21, 2013

Credit where credit is due

It's not very often I can say this, but the St. Louis Post-Dipatch had an editorial the other day that hits the nail on the head:  Missouri is drunk on tax credits. Who will take the bottle away?

Their focus is on the politics and corruption behind the growing burden of development tax credits: 
Part of the problem is an old one in Missouri: Despite a strong push from Gov. Jay Nixon, a Democrat, and many conservative Republicans in the Senate, lawmakers have been unable to overcome the power exerted by key developers (and contributors) who profit from the tax credit programs.
Another problem was outlined by Post-Dispatch reporter Jeremy Kohler in his report Sunday on the $7.8 million in brownfield redevelopment tax credits used to help pay for the demolition and eventual reconstruction of Northwest Plaza shopping center in St. Ann’s.
They fail to mention, however, that tax credits simply do not work, as has been shown over and over again.  Then again, I'm probably being naive in thinking that any big-government boondoggle is going to end just because it's ineffective.