cross-posted from: https://lemmy.ca/post/20125646

The “Texas Miracle” loses some of its magic as Oracle announces it’s moving its new HQ out of Austin and Tesla lays off nearly 2,700 workers.

  • some_guy@lemmy.sdf.org
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    6 months ago

    Austin-area authorities helped Oracle secure valuable lakefront real estate and offered Tesla some $60 million in tax abatements, including $50 million from the historically struggling school district in Del Valle.

    So, once again, tax cuts for businesses harm the social structure. It’s almost as though they shouldn’t exist.

    Oracle, which makes business software, cited Nashville’s strength as a center of the American health-care industry, though it surely also helps that the company is getting nearly a quarter of a billion dollars in tax breaks and incentives from the city and the state of Tennessee. Tesla, meanwhile, laid off workers across the country after the Cybertruck suffered significant quality issues that put the future of its Austin production facility in doubt. The city’s debut in auto manufacturing is a vehicle that apparently rusts in the rain. The factory complex, which Musk once promised would become an “ecological paradise,” recently took advantage of a new state law to exempt itself from Austin’s environmental regulations.

    Do businesses not care about their communities? /s