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Mon Nov 4, 2013, 10:46 AM

 

Backing up "corporate subsidy" number in my post titled "If you make $50,000 a year"

Lots of discussion regarding the source/accuracy of the data on this graphic, particularly the "corporate subsidy" ...



Here's the source, and how the corporate subsidy was calculated:

http://www.commondreams.org/view/2013/09/23

Add It Up: The Average American Family Pays $6,000 a Year in Subsidies to Big Business

1. $870 for Direct Subsidies and Grants to Companies The Cato Institute estimates that the U.S. federal government spends $100 billion a year on corporate welfare. That's an average of $870 for each one of America's 115 million families. Cato notes that this includes "cash payments to farmers and research funds to high-tech companies, as well as indirect subsidies, such as funding for overseas promotion of specific U.S. products and industries...It does not include tax preferences or trade restrictions."

2. $696 for Business Incentives at the State, County, and City Levels The subsidies mentioned above are federal subsidies. A New York Times investigation found that states, counties and cities give up over $80 billion each year to companies, with beneficiaries coming from "virtually every corner of the corporate world, encompassing oil and coal conglomerates, technology and entertainment companies, banks and big-box retail chains." $80 billion a year is $696 for every U.S. family. But the Times notes that "The cost of the awards is certainly far higher."

3. $722 for Interest Rate Subsidies for Banks According to the Huffington Post, the "U.S. Government Essentially Gives The Banks 3 Cents Of Every Tax Dollar." They cite research that calculates a nearly 1 percent benefit to banks when they borrow, through bonds and customer deposits and other liabilities. This amounts to a taxpayer subsidy of $83 billion, or about $722 from every American family.

...

5. $1,268 for Overpriced Medications According to Dean Baker, "government granted patent monopolies raise the price of prescription drugs by close to $270 billion a year compared to the free market price." This represents an astonishing annual cost of over $2,000 to an average American family. OECD figures on pharmaceutical expenditures reveal that Americans spend almost twice the OECD average on drugs, an additional $460 per capita. This translates to $1,268 per household.


More at the link.

Original post: http://www.democraticunderground.com/10023974549

14 replies, 13625 views

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Arrow 14 replies Author Time Post
Reply Backing up "corporate subsidy" number in my post titled "If you make $50,000 a year" (Original post)
Scuba Nov 2013 OP
CarrieLynne Nov 2013 #1
ET Awful Nov 2013 #2
CarrieLynne Nov 2013 #3
JEB Nov 2013 #4
Bonhomme Richard Nov 2013 #5
Ohio Joe Nov 2013 #6
War Horse Nov 2013 #7
Scuba Nov 2013 #10
Rex Nov 2013 #14
former9thward Nov 2013 #8
TRoN33 Nov 2013 #9
bvar22 Nov 2013 #11
Snake Plissken Nov 2013 #12
iamthebandfanman Nov 2013 #13

Response to Scuba (Original post)

Mon Nov 4, 2013, 12:50 PM

1. should medicare come off since its its own tax?

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Response to CarrieLynne (Reply #1)

Mon Nov 4, 2013, 12:53 PM

2. Why? If that's the amount you pay out of a $50k annual salary, the graphic remains accurate. n/t

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Response to ET Awful (Reply #2)

Mon Nov 4, 2013, 12:56 PM

3. then add Soc Sec - but I think the point was to show where FEDERAL tax dollars go

or am I wrong?

FYI - I love the concept of this graphic and I want it out there! but I'd hate to see us doing what we hate the other side doing...

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Response to Scuba (Original post)

Mon Nov 4, 2013, 01:13 PM

4. Obviously, corporations are the Cadillac driving welfare queens.

 

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Response to Scuba (Original post)

Mon Nov 4, 2013, 01:15 PM

5. I think the graph would be better if the left out the....

overpriced medications. Throwing patents in there, I believe, skews the graph plus gives the deniers the opening they want to de-legitamize it.

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Response to Scuba (Original post)

Mon Nov 4, 2013, 01:16 PM

6. K&R

Truth... Sometimes people don't like it.

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Response to Scuba (Original post)

Mon Nov 4, 2013, 01:25 PM

7. Heh... Difference between DU and TPers

"Lots of discussion regarding the source/accuracy of the data on this graphic" is not something you see among the RWNJs regarding the stuff they uncritically spew out...

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Response to War Horse (Reply #7)

Mon Nov 4, 2013, 01:46 PM

10. +1,000

 

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Response to War Horse (Reply #7)

Tue Nov 5, 2013, 02:20 AM

14. True GOPukers would rather let their emotions rule their actions.

 

Rational thought is totally absent at places like FR. It is beyond them.

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Response to Scuba (Original post)

Mon Nov 4, 2013, 01:29 PM

8. You are citing the Cato Institute?

A right wing libertarian organization? I don't know if that number is right or wrong or where it comes from but normally they are not cited here as gospel.

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Response to Scuba (Original post)

Mon Nov 4, 2013, 01:45 PM

9. And, yet...

 

They continue to come into politics and intentionally fucked up our lives. Its as if we are paying corporations in order to ensure our survival. They doesn't want to pay taxes yet they want to force us to give up 20% of our $50,000 a year to give it away for free to subsidize the corporations. Fuck them and fuck these corporate teabagger dogs.

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Response to Scuba (Original post)

Mon Nov 4, 2013, 02:48 PM

11. Next year, we can include the Billions in subsidies to the Health Insurance Industry!

Do your numbers include the Farm Subsidies?
Some of these are legitimate,
but it appears most are just scams for the Corporate Farmers.
I believe Michele Bachmann of Minnesota collects $250,000 to help her with her "farm".

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Response to Scuba (Original post)

Mon Nov 4, 2013, 09:10 PM

12. bump

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Response to Scuba (Original post)

Tue Nov 5, 2013, 02:17 AM

13. This was removed by admins on 'Being Liberal'

on FB for being inaccurate.. they even apologized...

glad you found something for one of the numbers... but I dunno.

seems fishy to me. unless you can source out all the numbers, not worth passing around.. too risky.
don't wanna be like our opponents and just pass around everything we see cause it agrees with us

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