New details have just surfaced regarding the deal between South Carolina and Boeing that we discussed in the Digest last week. It turns out that the subsidy package Boeing was able to extract from the state’s taxpayers will be at least twice as large as was first reported. In total, over $900 million will be given to Boeing.
Put another way, the state will be giving Boeing an “incentive package” large enough to cover the entire cost of building its plant, with at least $150 million in benefits left over.
State residents should keep this package in mind the next time South Carolina lawmakers proclaim the virtues of “free markets” and “limited government” as part of their anti-tax platform.