Intel has announced it has indefinitely postponed its "Fab 42" chip factory that was set to be opened in Arizona.
The $5 billion plant would create Intel's most high-end and advanced chips, but will no remain closed while Intel upgrades other factories within the same site.
"The new construction is going to be left vacant for now and it will be targeted at future technologies," said ... [ read the full article ]
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Quote: "Despite shutting the high-end factory, Intel has hired over 1000 employees since 2011, and will receive state tax benefits for doing so."
It's this kinda crap that causes the various US metro areas to collapse financially. It's this crap that causes the dollar to weaken.
Receiving "state tax benefits for doing so" (hiring 1000+ people) is absolute nonsense!
3 simple rules should apply to all bizzes regardless of the state(s) they have a nexus in:
1. Stay in business
2. Pay your F'ing employees!
3. Pay ALL your F'ing taxes. No breaks for being IN any one particular state.
Giving companies tax exemptions and forgiveness for operating in a specific state is B.S.! It should be outlawed as it is no different from lobbying. But noooo-oooo......states kiss ass to keep the companies from going elsewhere.....which is rather seldom happens simply because taxes are present.
