Oct 2, 2017
For more than two decades, Disney’s annual profit has skyrocketed, but at the same time the company paid close to nothing in taxes to cities where it was located, while securing many subsidies from them, according to the Los Angeles Times.
Look at Anaheim, California, for example. In 2015, the City of Anaheim approved an agreement to exclude Disney from any entertainment tax for 45 years. This tax of only $1 per ticket could have generated more than one billion dollars for Anaheim during the term of the agreement. Instead, Disney got it. Last year, the city granted Disney a tax rebate worth 267 million dollars for a luxury hotel the company plans to build. Disney’s parking garage, built and paid by the City of Anaheim, generates more than 35 million in annual revenue, but Anaheim gets only $1 a year for the lease.
In 2016, Disney reported a profit of close to 9.4 billion dollars.
When the city officials declare that their cities are bankrupt, they are lying. The money the cities need is in the coffers of the companies.