"Ten Examples of Welfare for Corporations and the Ultra-Rich"

[applegrove]

Ten Examples of Welfare for Corporations and the Ultra-Rich

by Bill Quigley at Moyers & Co.

http://billmoyers.com/2014/01/16/ten-examples-of-welfare-for-corporations-and-the-ultra-rich/

"SNIP.......................................


1. State and local subsidies to corporations: An excellent New York Times study by Louise Story calculated that state and local government provide at least $80 billion in subsidies to corporations. Over 48 big corporations received over $100 million each. GM was the biggest, at a total of $1.7 billion extracted from 16 different states, but Shell, Ford and Chrysler all received over $1 billion each. Amazon, Microsoft, Prudential, Boeing and casino companies in Colorado and New Jersey received well over $200 million each.

2. Direct federal subsidies to corporations: The Cato Institute estimates that federal subsidies to corporations cost taxpayers almost $100 billion every year.

3. Federal tax breaks for corporations: The tax code gives corporations special tax breaks that have reduced what is supposed to be a 35-percent tax rate to an actual tax rate of 13 percent, saving these corporations an additional $200 billion annually, according to the US Government Accountability Office.

4. Federal tax breaks for wealthy hedge fund managers: Special tax breaks for hedge fund managers allow them to pay only a 15-percent rate while the people they earned the money for usually pay a 35-percent rate. This is the break where the multimillionaire manager pays less of a percentage in taxes than her secretary. The National Priorities Project estimates this costs taxpayers $83 billion annually, and 68 percent of those who receive this special tax break earn more than $462,500 per year (the top 1 percent of earners).




......................................SNIP"

[Thinkingabout]

1. Congressional members complain about food stamps and UI, why does corporations need so much

Money thrown their way. Corporate welfare should not happen.

[FreakinDJ]

2. actual tax rate of 13 percent,

[Kurovski]

3. This bears repeating

Just in case folks missed it last time.

K&R

[applegrove]

4. Oh was it posted before? I try and peruse DU before I look for articles before I post anything. Must

have missed it.

[Kurovski]

5. It was...a few days ago?

I thought it was great

Tuesday: http://www.democraticunderground.com/10024331476

It's now the weekend and I think it's a bookmark-able post. So, go fer it!

EDIT: this is from truthout, but I think I saw the moyers one, too.