SchwartzReport: Fortune 500 Companies Receive $63 Billion in Subsidies (Not Counting Hundreds of Billions in Tax Avoidance)

Commerce, Corruption, Government
Stephan A. Schwartz
Stephan A. Schwartz

We have 17 million kids who aren’t getting proper nutrition, because we have no money to feed them — so we are told — but we have enough money to give the richest most profitable corporations in the country $63 billion in subsidies. Our Congress is immoral down to its roots. This story should outrage you.

Fortune 500 Companies Receive $63 Billion in Subsidies

DAVID SIROTA – Pandodaily

Remember when President Obama was lambasted for saying ‘you didn’t build that”? Turns out he was right, at least when it comes to lots of stuff built by world’s wealthiest corporate behemoths. That’s the takeaway from a new study of 25,000 major taxpayer subsidy deals over the last two decades.

Entitled ‘Subsidizing the Corporate One Percent,” the report from the taxpayer watchdog group Good Jobs First shows that the largest corporations in the world aren’t models of self-sufficiency and unbridled capitalism. To the contrary, they continue to receive tens of billions of dollars in government handouts. Such subsidies might be a bit more defensible if they were being doled out in a way that promoted upstart entrepreneurialism. But as the study also shows, a full ‘three-quarters of all the economic development dollars awarded and disclosed by state and local governments have gone to just 965 large corporations” – not to the small businesses and startups that politicians so often pretend to care about.