Who Gets Your Tax Subsidies? the Corporate 1%
|March 5, 2014||Posted by Staff under Subsidies & Waste & Public Debt|
This 2014 excerpt of Dirt Diggers Digest, Feb 25, is by Phil Mattera.
At least 75 percent of cumulative disclosed subsidy dollars for “economic development” have gone to just 965 large corporations, even though these companies account for only about 10 percent of the number of announced awards.
In dollar terms, the biggest recipient by far is Boeing, with a total of more than $13 billion, reflecting the giant deals it has gotten in Washington and South Carolina as well as more than 130 smaller deals around the country. The others at the top of the cumulative subsidy dollar list are: Alcoa ($5.6 billion), Intel ($3.9 billion), General Motors ($3.5 billion), and Ford Motor ($2.5 billion). A total of 17 companies have received cumulative subsidy awards worth more than $1 billion; 182 have received awards of $100 million or more.
The company with the largest number of awards is Dow Chemical, with 416. Following it are Berkshire Hathaway (310), General Motors (307), Wal-Mart Stores (261), General Electric (255), Walgreen (225), and FedEx (222). Forty-eight companies have received more than 100 individual awards.
The parent companies on the Fortune 500 alone account for more than 16,000 subsidy awards worth $63 billion.
Foreign-based corporations are three in the top ten (Fiat, Royal Dutch Shell, and Nissan) and another five in the next 15.
Ed. Notes: Is it wrong for politicians to give your money to people who don’t need it? Or is it wrong for us to give away the power to spend public money to politicians? Perhaps we should put the budget on the ballot. Or better yet, pay ourselves a citizen’s dividend from surplus common wealth. Then we could get rid of not just subsidies but taxes, too, and just levy fees and dues — the geonomic solution.