Louisiana: The $29 million job
Like all states that practice corporate welfare, Louisiana argues that tax breaks help create jobs. But do the math, and you'll discover that the real cost of adding new jobs doesn't add up.
The biggest recipients
Companies ranked by total industrial-property tax abatements, 1988-97
| Company |
Jobs created |
Total taxes abated |
1. Exxon Corp.
2. Shell Chemical/Refining
3. International Paper
4. Dow Chemical Co.
5. Union Carbide
6. Boise Cascade Corp.
7. Georgia Pacific
8. Willamette Industries
9. Procter & Gamble
10.Westlake Petrochemical |
305
167
172
9
140
74
200
384
14
150 |
$213,000,000
$140,000,000
$103,000,000
$96,000,000
$53,000,000
$53,000,000
$46,000,000
$45,000,000
$44,000,000
$43,000,000 |
The costliest jobs
Companies ranked by net cost of each new job (abatements divided
by jobs created)
| Company |
Jobs created |
Cost per job |
1. Mobil Oil Corp.
2. Dow Chemical Co.
3. Olin Corp.
4. BP Exploration
5. Procter & Gamble
6. Murphy Oil USA
7. Star Enterprise
8. Cytec
9. Montell USA
10. Uniroyal Chemical Co. |
1
9
5
8
14
10
9
13
31
22 |
$29,100,000
$10,700,000
$6,300,000
$4,000,000
$3,100,000
$1,600,000
$1,500,000
$1,500,000
$1,200,000
$900,000 |
MORE TIME STORIES:
Cover Date: November 23, 1998
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