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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region Forums30 Major U.S. Corporations Paid More to Lobby Congress Than Income Taxes
By employing a plethora of tax-dodging techniques, 30 multi-million dollar American corporations expended more money lobbying Congress than they paid in federal income taxes between 2008 and 2010, ultimately spending approximately $400,000 every day -- including weekends -- during that three-year period to lobby lawmakers and influence political elections, according to a new report from the non-partisan Public Campaign.
Despite a growing federal deficit and the widespread economic instability that has swept the U.S since 2008, the companies in question managed to accumulate profits of $164 billion between 2008 and 2010, while receiving combined tax rebates totaling almost $11 billion. Moreover, Public Campaign reports these companies spent about $476 million during the same period to lobby the U.S. Congress, as well as another $22 million on federal campaigns, while in some instances laying off employees and increasing executive compensation.
29 Major Corporations Paid No Federal Taxes, 2008-2010
http://www.ibtimes.com/30-major-us-corporations-paid-more-lobby-congress-income-taxes-2008-2010-380982
Major Nikon
(36,827 posts)highmindedhavi
(355 posts)Bush and Obama gave out billions from TARP
Scuba
(53,475 posts)Meanwhile, the burden of protecting their corporate assets (think US military) fell to working American's taxbills.
Ichingcarpenter
(36,988 posts)Boeing didn't pay any taxes between 2008-2010 despite making $9.8b in profits, instead receiving tax rebates of $178m, laying off 14,862 workers, and increasing executive pay by 31%. http://en.wikipedia.org/wiki/Boeing#Political_contributions.2C_federal_contracts.2C_advocacy
raging moderate
(4,305 posts)This is obvious to those who have read the works of the men who coined the phrase.
global1
(25,247 posts)to lobby and for political contributions.
Ichingcarpenter
(36,988 posts)on this has gotten worse. Even after 5 years of Obama.... yes I know, the congress but still, he does manage the IRS as president. The laws are written by congress.
KoKo
(84,711 posts)Supreme Courts decision allows this. Unless we can get our States to Amend it...how can we change this?
We can't seem to shame them...we can't even get the IRS to check into the Koch Brothers Shell Companies who claim non-profit tax exemption. And no matter how many small donors contribute to campaigns (like the Act Blue Initiative) the corporate lobbyists are the ones who write the legislation and twist arms of the representatives for votes when they get to DC. Our small donations are forgotten and the promises they made on campaign trail are not always honored.
We are really in a sad situation. And, even though more and more is being exposed it never seems enough to get any legal action.
Octafish
(55,745 posts)Most of it in cash.
meow2u3
(24,764 posts)Ichingcarpenter
(36,988 posts)Just like in old Chicago
It paid off the Chicago government to continue its crimes and then took deferment of fines.
The wild days of the Chicago mafia are
here again except now its national and legal
liberal_at_heart
(12,081 posts)indepat
(20,899 posts)corporatist government.
RainDog
(28,784 posts)compared to the rest of the population?