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It Was 25 Years Ago Today - Michigan's Big Corporate Welfare Experiment
Marking a MEGA Anniversary
… better known by its acronym, MEGA. The MEGA is a selective business subsidy … it.
It’s worth a review of MEGA for no other reason than a … his administration birthed MEGA. I remember distinctly the … three formal analyses of the MEGA program, which helped lead … more
‘But For’ Can’t Be Proved: Corporate Welfare is a Waste
New MEGA not costless, despite assurances
… explained in the blog article, “MEGA Tax Credits Are Not Without … the proposed legislation “New MEGA” for the similarities it has with the original MEGA law.
The fact is apologists … hearing about the proposed New MEGA, the same “but for” arguments … Stamas, R-Midland: “This is not a MEGA. This does not take other taxpayer … more
Legislature Considers Reopening a Closed Business Subsidy Program
Good Jobs For Michigan is a repackaged MEGA
… essentially a repackaged version of MEGA. It shares a large number of features … the payments to companies in the new MEGA are disclosable to taxpayers, while old MEGA is still considered confidential tax … sounds and acts like the old, failed MEGA program. more
Kmart Property is MEGA Reminder Not to Extend Subsidy Program
Good Jobs for Michigan is modeled after the failed MEGA
… Economic Growth Authority — or, MEGA — program. The GJFM program … allowed to sunset before it, like MEGA itself, costs taxpayers billions … itself was offered and accepted MEGA incentive deals and still failed … programs cost.
For Kmart’s second MEGA deal, in 2000, the state’s … have been published about the MEGA program and four of them found … more
MEGA Failure: Job Projections From Michigan Tax Credit Program Rarely Came True
Only 2.3 percent of projects met projections
… Economic Growth Authority (MEGA) credits approved for new jobs … words, just 2.3 percent of MEGA projects met or exceeded expectations. …
Inauspicious Beginning
The MEGA program began during the administration … bipartisan legislature, the MEGA program exploded. An original … Michigan went all in on the MEGA program and other incentives. … more
Return of the Mega Subsidy
Corporate welfare still demonstrably ineffective
… by the Legislature on a new MEGA of sorts that will give politicians … cut-and-paste job from the original MEGA law, passed in 1995.
For instance, both the old MEGA law and new jobs proposal contain … estimate, only 2.3 percent of MEGA deals met their original promises … spending billions. In 2016 alone, MEGA cost the treasury $1 billion, … more
Back to the MEGA Future: Good Jobs for Michigan Reinvents Failed MEGA Program
Proposed law shares remarkable similarities with old, failed law
… difference between the old MEGA statute and the new Good Jobs … handing out financial favors. Old MEGA provided refundable tax credits … at the expense of the many.
MEGA was a business tax credit program … means the entire breadth of MEGA’s existence has been examined. … be any more effective than MEGA or other similar Michigan programs … more
Lawmakers May Further Subsidize Millionaires and Billionaires with New Program
… welfare subsidy program known as MEGA, and it could be passed as … that only about 2.3 percent of MEGA deals lived up to their expectations, … predict the future.
The failed MEGA program itself is a reason not to create a new MEGA program. Five academic-style … have been performed of the old MEGA between 2005 and 2014. Four … more
MEGA Mistake: Big Corporate Welfare Program Still a Waste
State economic development incentives often don’t result in much development.
… new study demonstrates that MEGA did indeed create jobs, but … employment at firms receiving MEGA deals.
One caveat about this MEGA analysis is that we were forced … received by companies. The MEGA program has long lacked transparency, … fiscal benefit collected by each MEGA company remains a secret. … more
$600 Million? $700 Million? State Officials Guess On Annual Corporate Giveaways
Secret taxpayer handouts go to unnamed big companies and developers
… developers in the 2017-18 fiscal year.
The increase consists mostly of cash and tax breaks awarded until 2011 under a now-suspended subsidy program called MEGA. These benefits alone are projected to cost the state treasury $601.6 million in the current fiscal year, a $62.3 million increase from the previously … more