Can We Cut US state, local, and federal deficit spending ?

Dec. 5, 2013:
Are US taxpayers are paying for more than we suspect?
($861 Billion a year in  Corporate Welfare  &  Welfare for the Wealthy)

Direct federal subsidies to corporations:($100 Billion/yr)
The Libertarian/Tea Party Cato Institute reports that corporations cost taxpayers almost $100 billion every year in direct federal subsidies.

Corporate Welfare in the Federal Budgethttp://www.cato.org/publications/policy-analysis/corporate-welfare-federal-budget

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Federal tax breaks for wealthy investment bankers and hedge fund managers: ($83 Billion/yr)
Special tax breaks (aka welfare ) for hedge fund managers have them paying just 15-percent rates, while the people they service usually pay a 35-percent rate. Multimillionaire managers pay lower taxes / lower rates than their secretaries or their plumber. This welfare hand-out costs taxpayers $83 billion annually.

68% of those who receive this special welfare (tax break) earn more than $462,500 per year (the top 1%t of earners).

**http://nationalpriorities.org/blog/2013/11/04/tax-break-hedge-fund-managers/The Tax Break for Hedge Fund Managers

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State and local subsidies to corporations:  ($80 Billion/yr)
State and local government provide at least $80 billion in subsidies to corporations.* Over 48 big corporations received over $100 million each. Rankings: GM weighed in at a total of $1.7 billion of taxpayer subsidies/welfare from 16 different states, followed by Shell, Ford and Chrysler all receiving over $1 billion each. Amazon, Microsoft, Prudential, Boeing and casino companies in Colorado and New Jersey came in at over $200 million in handouts of state and local taxpayer monies.

*http://www.nytimes.com/2012/12/02/us/how-local-taxpayers-bankroll-corporations.html?_r=0″ target=”_blank

… continue reading here 

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Full Article can be read at: Can We Cut US state, local, and federal deficit spending?

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Feel free to copy while giving proper attribution: YucaLandia/Surviving Yucatan.
© Steven M. Fry

Read-on MacDuff . . .

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4 Responses to Can We Cut US state, local, and federal deficit spending ?

  1. Q: What’s wrong with this picture?
    A: It seems to me that the House of Representatives, dominated by Tea Party budget cutters, are trying to balance the budget by cutting subsidies to the little guy, while protecting corporate America..

    So, who is the little guy? All those workers who got laid off when the smart boys on Wall Street crashed the economy due to their wealth addiction. We bailed them out. They foreclosed on America. Millions of workers who had on-time mortgages got laid off, and then defaulted. They got evicted from their homes by junk suits using robo signers petitioning courts with bogus paper. Wall Street bought up their homes in wholesale fashion, on the cheap, and now if renting them back to us. Meanwhile, huge numbers of blue collar workers still vote and talk Republican, and blame Obama for everything. Go figure.

  2. J Baker Smith says:

    You nailed this one right … and when a Billion $ company like Apple can legally avoid taxes by claiming an Irish address where there are also no buildings and no employees, something is very very wrong with the tax system.

    But with over 53% of Congress made up of millionaires, they are bound to protect their own tribe.

    thanks again

    hana

  3. Don Hoblit says:

    What does this article have to do with living in Mexico in general, and the Yucatan in particular.

    Even if alot of the article is right…could care less at this point.. Prefer articles on the “here and now” of the Yucatan.

    • yucalandia says:

      Agreed, this is not directly about Yucatan – but as the US economy suffers due to “Free Marketeer” pirates raiding the taxpayer monies ~ Yucatan and Mexico suffer unnecessarily.

      As the US wealthy rake-off 93% of profits and income, and raid the US treasuries of $861 billion a year in welfare to big US corporations, it drags down Mexico – because Mexico’s economy is so heavily linked to the US economic health.

      A healthy robust US economy contributes heavily to a healthy Mexican/Yucatecan economy.

      As a non-Yucatan article, it is published under the “Pesos, Politics & Propaganda” section….
      steve

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