Corporations Get Subsidies Through the Tax Code in the Good Times, Then Ask for Bailout Funds in the Bad Times

Source: Citizens for Tax Justice, Tax Justice Digest, December 19, 2008

Insurance companies and financial institutions have lobbied long and hard for all sorts of loopholes in the federal tax code, and the insurance industry alone has spent almost $1 billion over the past decade lobbying on tax issues. The very corporations that have persuaded Congress to grant them numerous loopholes reducing their effective tax rate to negligible levels are now lining up for a handout from the federal Troubled Asset Relief Program, or TARP.
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