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 Budget” http://www.cato.org/publications/policy-analysis/corporate-welfare-federal-budget
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”
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.
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Full Article can be read at: Can We Cut US state, local, and federal deficit spending?
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© Steven M. Fry
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