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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTen Examples of Welfare for Corporations and the Ultra-Rich
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).
http://billmoyers.com/2014/01/16/ten-examples-of-welfare-for-corporations-and-the-ultra-rich/
SalviaBlue
(2,915 posts)Thank you for the list.
ProdigalJunkMail
(12,017 posts)it is for everyone who has a mortgage...rich and poor alike (yes, there are people who qualify as poor with mortgages). while it is a mechanism some use to buy a larger home, many would not be able to afford a home at all without it...
sP
octoberlib
(14,971 posts)advantage of this. The deduction should be strictly for people who make under $100,000.00 a year (or less).
"The Center of Budget and Policy Priorities estimated that 77 percent of the benefit goes to homeowners with incomes over $100,000 per year."
ProdigalJunkMail
(12,017 posts)supporting a family of five and living in a modest home we should be excluded? interesting. $100K+/annum is hardly super rich...
sP