Submitted by thanxhaveagood1 t3_z3m4h9 in pittsburgh
uglybushes t1_ixmhv9d wrote
Reply to comment by trucorsair in Pittsburgh's largest nonprofit is concerned that its profits are down by thanxhaveagood1
Yes it means they buy more property that the city can’t collect taxes on
trucorsair t1_ixmiiii wrote
It’s complicated. I see what you mean but, given the example in the article, the $1.5 billion dollar building being built as an example, the money will pay workers who build it (payroll taxes), buy materials (sales taxes) and such. It is not that they are just accumulating property to defer taxes, they are spending the money that has economic value to the community.
Wow downvoted because people don’t like the answer…well look in the mirror Buck-o, they are allowed to act this way thanks to YOUR state legislature and state regulators. Ask THEM why they allow it.
S4ltyInt3ractions t1_ixmmus9 wrote
Just speculation but I would guess most laborers and even material companies aren't from the city let alone county. Trickle down economics has not proven to be a good idea Imho.
trucorsair t1_ixn57a8 wrote
Never said it was
uglybushes t1_ixmjn1p wrote
Or they have more than enough money for both.
trucorsair t1_ixmkapc wrote
Wow you always downvote comments that provide a different perspective….ok
uglybushes t1_ixmkjd4 wrote
I never downvote. It’s not that serious. However supporting a business that has the money to pay property tax and it’s employees more is very pathetic
chad4359 t1_ixmn2bx wrote
Welcome to r/Pittsburgh where you either hate UPMC or are a horrible monster
trucorsair t1_ixn54i8 wrote
I am a bit of both
Beebajazz t1_ixmlcbp wrote
If they weren't tax exempt, the Pittsburgh region is still widely known for healthcare, and thus a lucrative place to operate. They would still have good reason to take the same action. But even if they didn't, they aren't the only corporation on the block. In fact, their tax free status is setting an example to other corporations like Google and Amazon, which then go elsewhere when we don't give them tax breaks.
tesla3by3 t1_ixmpced wrote
You are correct that their developments add economic value to the region. But so does a for profit development, and they don’t get tax exempt status.
Argercy t1_ixn5y08 wrote
I agree with you here, that there are taxes being paid with this money, but the government is a hungry pig and even with those taxes being paid through permits, payroll, sales tax, etc eventually the property is no longer generating income to the government and they're going to get it from somewhere else. Building these structures raises the property value of the surrounding area, so is almost like a cruel joke to everyone around them; they come in and put their building there, don't pay any property taxes but everyone else has to pay more when their property is reassessed.
[deleted] t1_ixmm7d9 wrote
I love when people talk actual sense and get downvoted because reddit is a cesspoll of useless people.
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