For those who have right-wing extremist friends who complains about welfare for the poor, especially for the dark-skinned ones, share this article with them. Here’s the first three:
“There are actually thousands of tax breaks and subsidies for the rich and corporations provided by federal, state and local governments but these ten will give a taste.
One. 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 a billion dollars each. Amazon, Microsoft, Prudential, Boeing and casino companies in Colorado and New Jersey received well over $200 million each.
Two. Direct Federal Subsidies to Corporations. The Cato Institute estimates that federal subsidies to corporations costs taxpayers almost $100 billion every year.
Three. Federal Tax Breaks for Corporations. The tax code gives corporations special tax breaks which 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. Four. Federal Tax Breaks for Wealthy Hedge Fund Managers. Special tax breaks for hedge fund managers allow them to pay only 15% rate while the people they earned the money for usually pay 35% 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% of those who receive this special tax break earn more than $462,500 per year (the top one percent of earners).”
Phi Beta Iota: Congress borrows one trillion dollars a year in our name and at the expense of future generations, in order to fund welfare across the board — while Congress gets its 5% kick-back. The federal tax code is a Congressional highway robbery toll booth, and is used to both blackmail corporations into buying exemptions, and reward corporations that pay their tolls or bribes up front.