The next time you hear someone complain about how the poor get “all this free stuff,” show them this.
….Here’s a breakdown of the most superfluous giveaways to the rich and how much they cost the rest of us:
1. Tax Breaks for obscene CEO bonuses ($7 billion/year) Currently, the biggest corporations are exploiting a 20-year-old loophole that allows them to write off inflated compensation packages for CEOs, billing stock options, and performance-based bonuses to taxpayers….
2. Tax cuts for luxury corporate jets ($300 million/year) Currently, corporations can claim a huge tax deduction every year by writing off purchases of corporate jets, lavish cars, and chauffeurs as “security” for their top executives……
3. Big oil subsidies ($37.5 billion/year) According to Oil Change International (OCI), the U.S. government spends anywhere between $10 billion and $52 billion per year on corporate welfare for the fossil fuel industry — one of the wealthiest industries in the world…..
4. Pharmaceutical subsidies ($270 billion/year) As US Uncut has previously reported, the pharmaceutical industry costs taxpayers roughly $270 billion a year when accounting for the cost we pay for life-saving drugs whose patents have been bought up by Big Pharma…..
5. Capital gains tax breaks ($51 billion/year) …. The Century Foundation found that the total amount of lost revenue by taxing capital gains at a lower rate than wages cost $256 billion between fiscal years 2012 and 2016, or $51 billion a year over the last 5 years……
6. Corporate tax subsidies from state and local governments ($80.4 billion/year) In 2012, the New York Times did an analysis of every existing tax break in each of the 50 states and learned that 1,874 programs cost taxpayers $80.4 billion every year for corporate welfare in their state…..
7. Handouts to Big Ag ($18 billion/year) Crop insurance — a program originally intended to help farmers recover from the dust bowls of the 1930s — has become a slush fund for wealthy corporate farmers who have become experts at manipulating the system for their own means……
8. Welfare for Wall Street ($83 billion/year) The biggest banks have grown even bigger than they were just before the 2008 financial meltdown. And due to their size, these banks are perceived as “too big to fail,” as their demise would spell doom for the US financial sector as a whole. So as these big banks grow bigger, the Federal Reserve allows them to borrow at lower interest rates than other big banks — essentially subsidizing the continued growth of the big banks…..
9. Export-Import bank subsidies ($112 billion) This week, the House of Representatives voted to revive the Export-Import (Ex-Im) bank, which has been maligned as a slush fund for large, multinational corporations. In its most recent year, the Ex-Im bank had a $112 billion portfolio, of which $90 billion went to multinationals. If that wasn’t bad enough, a huge portion of that money went to just 10 wealthy corporations…..
10. Federal contracts for the top 200 biggest companies ($880 billion/year) The biggest 200 corporations have an excessively unfair advantage over their competitors due to their influence in Washington. According to the Sunlight Foundation, the top 200 companies spent a combined $5.8 billion on lobbying Congress between 2007 and 2012. And in those same years, those companies received $4.4 trillion in federal contracts…..