Re: Welfare Queens? Welfare Kings Rule the Land
What's proven is the Corporate welfare is much more prevalent than poor people welfare fraud. We should adjust our mitigation priorities proportionately. This issue, like many others goes back to the Mainstream Media failure to keep the citizens informed objectively, accurately and truthfully. The MSM needs reform. The gov't disbursement policies need reform. Regulation agencies need to end their revolving door management with the Industries they allegedly regulate. Probably when pigs fly. eh?
Originally Posted by joko104
Re: Welfare Queens? Welfare Kings Rule the Land
More Corporate Wellies. Yep. Bigger and Better. Unbelievable and we're the ones getting our pockets picked, again. I'm really against this redistribution of the Wealth. As if we haven't given more than enough to the banks, traders, stock market, and all manner of paper shufflers. Where are the jobs programs. Jobs at LOCAL levels require LOCAL level implementation. All the schemes are grandiose to allow the money to be funneled away at the top. Business per usual. Bend over.
Originally Posted by DaveFagan
"The Shocking Numbers Behind Corporate Welfare."
"State and local governments have awarded at least $110 billion in taxpayer subsidies to business, with 3 of every 4 dollars going to fewer than 1,000 big corporations, the most thorough analysis to date of corporate welfare revealed today.
Boeing ranks first, with 137 subsidies totaling $13.2 billion, followed by Alcoa at $5.6 billion, Intel at $3.9 billion, General Motors at $3.5 billion and Ford Motor at $2.5 billion, the new report by the nonprofit research organization Good Jobs First shows.
Dow Chemical had the most subsidies, 410 totaling $1.4 billion, followed by Warren Buffett’s Berkshire-Hathaway holding company, with 310 valued at $1.1 billion.
The figures were compiled from disclosures made by state and local government agencies that subsidize companies in all sorts of ways, including cash giveaways, building and land transfers, tax abatements and steep discounts on electric and water bills."...snip
"The size and range of the subsidies the tool has uncovered helps explain the burdens taxpayers must bear because so many major corporations rely on welfare for much or all of their profits rather than earning them.
Such burdens are especially hard on the poor. The bottom fifth of households in all but one state pay a larger share of their income in state and local taxes than the top 1 percent of earners. This means that corporate welfare effectively redistributes from the poor to those rich enough to own corporate stock."...snip
"Good Jobs First found that just 965 companies collected 75 percent of the value from 25,000 subsidy deals identified in Subsidy Tracker 2.0.
Boeing’s $13.2 billion is a bit more than its pretax profits for the last two years. It is also equals a stunning 70 percent of the $18.2 billion of equity owned by Boeing shareholders.
Measured against the number of commercial jetliners sold — 648 last year, at an average of nearly $79 million per plane — these subsidies come to more than $20 million per aircraft.
While the subsidies did not go just to commercial jets and were not for one year, those figures give some perspective to the huge amount of money that taxpayers lavish on Boeing.
Boeing declined to comment.
Second on the subsidy list is Alcoa, the old Aluminum Co. of America, which benefits from 91 subsidies totaling $5.6 billion. On the basis of its pretax income for last four years, that amounts to all the pretax profits Alcoa shareholders can expect for the next 189 years.
Alcoa operates in 35 countries, so I also calculated its state and local subsidies against its share of U.S. business for the last three profitable years. Measured this way, the subsidies equal 17 years of pretax U.S. profits.
These facts may surprise Alcoa shareholders, since the company makes virtually no mention of these gifts from taxpayers in its annual 10-K disclosure report. The only mention of subsidy is in terms of how Medicare drug benefits for retirees will lower annual pension costs, explaining about a nickel on each dollar of subsidy that Alcoa collects from American taxpayers.
In response to the findings, Alcoa said that, due to complexities in electricity pricing and to closing part of its New York smelting operation, the value of the subsidy was significantly less than Subsidy Tracker showed.
Taxpayers who want to understand the full dimension of their burdens should demand that Congress require and pay for detailed annual statistical reports showing every federal, state and local subsidy received by corporations, including the value of indirect subsidies like those perpetual rights of way to pipelines and other legal monopolies.
Without that information, we have no idea of the true cost of welfare or the cost of propping up companies that, evidently, cannot make their way on their own."
"David Cay Johnston, an investigative reporter who won a Pulitzer Prize while at The New York Times, teaches business, tax and property law of the ancient world at the Syracuse University College of Law. He is the best-selling author of "Perfectly Legal", "Free Lunch" and "The Fine Print" and editor of the forthcoming "Divided: The Perils of Our Growing Inequality."