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Why aren't you upset about Corporate Welfare?

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Conservatives/small town country folks rant and rave about social welfare but there quiet as a mouse when it comes to Corporate Welfare. Most of you have been brain washed- You believe the poor are the takers when it is the rich. The sad part is all of us on this site are poor. The rich have it made; they drop something in your small minds and sit back while you defend their position and protect their wealth. In my Fred Sanford voice "you big dummies"

Estimated savings from enacting the whole list: over $2 trillion

End Big Oil and Big Gas Tax Breaks
2011-2015 savings: $80 billion (Taxpayers for Common Sense).
Big Oil has made almost $855 billion in profits in the past decade. There is no need to give such a profitable industry a tax break.

End Deferral of Taxes on Income of U.S.-Controlled Corporations Abroad
2011-2015 savings: $199 billion (Citizen for Tax Justice estimate).
Encourages off-shoring of work and capital.

End Accelerated Depreciation on Equipment
2011-2015 savings: $141 billion (CTJ estimate).
Accelerated depreciation can result in a very low, or even negative, tax rate on profits from a particular investment.

End Deduction for Domestic Manufacturing
2011-2015 savings: $76.7 billion (CTJ estimate).
Provides virtually no benefit to the economy and is blatant corporate welfare.

End Last-In, First-Out Accounting (LIFO)
2011-2015 savings: $24.2 billion (CTJ estimate).
Corporations use LIFO to hide their true profits.

Cut Subsidies to Big Agribusiness: $52 billion (Taxpayers for Common Sense).
Small farms are disappearing while big agri-business racks up huge profits—with corporate welfare support.

Permit Government to Negotiate Drug Prices for Medicare. Savings 2012-2021: $157.9 billion. (Congressional Progressive Caucus).
Barring government involvement is an indirect corporate subsidy.

End Tax Breaks For Drug Companies. 2011-2020 savings: $50 billion (estimated based on figures from Rep. Jerold Nadler).
Stops a $5 billion-a year annual tax break for direct-to-consumer advertising. We should pay for drug companies to market to us?

Enact A Financial Crisis Responsibility Fee. 2012-2021 Savings: $70.9 billion (Congressional Progressive Caucus).
Imposed on largest banks as a repayment of corporate welfare extended via bank bailouts for financial crisis precipitated by banks.

Enact a Derivatives and Speculation Tax. 2012-2022 savings: $650 billion (Congressional Progressive Caucus).
Wall Street receives indirect corporate welfare/subsidies via a regulatory system and infrastructure investment for which it pays virtually nothing. A very tiny transactions tax will end the corporate welfare.

Cut Military Budget 2011-2020 Savings: $550 billion (Sustainable Defense Task Force).

$2 trillion in Corporate Welfare that can and should be eliminated immediately:

Big Oil and Big Gas Tax Breaks: $80 billion
Deferral of Taxes on Income of U.S.-Controlled Corporations Abroad: $199 billion
Accelerated Depreciation on Equipment: $141 billion
Deduction for Domestic Manufacturing: $76.7 billion
Last-In, First-Out Accounting (LIFO): $24.2 billion
Subsidies to Big Agribusiness: $52 billion
Negotiate Drug Prices for Medicare: $157.9 billion
Tax Breaks For Drug Companies: $50 billion
Financial Crisis Responsibility Fee: $70.9 billion
Derivatives and Speculation Tax: $650 billion
Wasteful Military Spending: $550 billion

By ending Corporate Welfare, Congress can afford to do what the American people want - create jobs and protect Medicare - and still reduce the federal deficit.


Latest Activity: Sep 07, 2013 at 4:03 PM


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Funkentelecky commented on Saturday, Sep 07, 2013 at 20:43 PM

The uninformed will take all these exacerbated numbers and just roll with the flow; however I don’t, I’m not poor, not small minded, not brainwashed, don’t have a small mind, don’t protect the rich because they will do well regardless of what they pay or whatever the economic situation . People But it is true that able bodied poor people aren’t contributing to our society financially and are taking more than they are giving. Some are not able and I’m perfectly willing to help and exclude them on a case by case basis. Remember the quote by JFK, “Ask not what this country can do for you, but what can you do for this country” This country was built on capitalism and free market profits and it’s a shame that the government, liberal media, and it’s minions have decent people out there devising plans to confiscate someone else’s wealth instead of teaching them to fish for themselves. I know that I have an open mind and isn’t brainwashed because I conduct the necessary research in most cases to have an informed prognosis on the issue(s).

Now let’s dissect this fallacy of smoke and mirrors by opening the books on Exxon Mobil’s record 16 Billion quarterly profits in 2012. That’s right in 2012 Exxon Mobil made a record 15.9B on revenues of 127B with a profit margin of 12%. There were 7.5B made from tax breaks and 8.4B straight profit for the 15.9 total. Big Government received 26.6B in taxes and let’s just round that out to 27B. Exxon also spent 9.3B in research and development of oil and natural gas supplies in the 2nd quarter of record profits.

Now let’s break this down even more, by this blogs anti-capitalists proposal they want to give the Feds the 7.5B plus the 26.6B they already squandered on deficit reduction for a total of 34B while the company that is providing jobs, conducting research and development for the economy is left with 8.4B and has done what JFK stated in doing for this country. Think about it 27B + 16B +9B = 52B – 127B = 75B. that’s the money that Exxon has contributed to this countries ell being and making a profit is good and way better than the Federal government picking winners and losers , causing divisiveness and wasting tax payer dollars on political ideology. This goes for both parties; however the Democrats are the leaders of the pack.

With credible research, I’m positive that you can expose the rest of these exacerbated numbers by turning the pages a little bit more!

http://money.cnn.com/2012/07/26/news/...

PoliticsNation commented on Saturday, Sep 07, 2013 at 21:42 PM

@Funk..your not making any sense. You are making excuses for the rich...As far as you not being poor-according to the big boys in DC think you are poor. My rule of thumb-if it doesn't apply let it fly..

Funkentelecky commented on Saturday, Sep 07, 2013 at 22:24 PM

What I have posted is perfectly clear, your post is a cloud of anti-capitalistic dust. I just exposed the big oil debate and it is impossible for me to expose the rest of the smoke and mirrors. It's up to you, I'm not the one who doesn't listen to or watches the either side of the debate! FYI, the big boys in DC don't know didly about what you or me are going through or our economic conditions. The solution to problems in our society lies closer to it.

Please explain how making 127B and paying 75B for jobs, research and exploration. Paying 27B in taxes to the Feds, earning 8.4B in profit along with a 7.5B tax break is wrong?

sebekm commented on Sunday, Sep 08, 2013 at 12:04 PM

Go, Funky go.....go, Funky, go....go, Funky, go....

wayne44 commented on Thursday, Sep 12, 2013 at 14:10 PM

Did anyone check out how much taxes are paid by the top 25 businesses in this country and the rates they pay? Might be an eye opener when blaming the top 1 percent for being greedy while their supporting the economy by paying taxes and keeping people employed. Where would the economy be if they cut back on production, amount of taxes paid, and reduced employment? That would certainly be cause for alarm.

Funkentelecky commented on Friday, Sep 13, 2013 at 13:49 PM

PN, WRU?

PoliticsNation commented on Friday, Sep 13, 2013 at 14:37 PM

@funk...lol..that's too much stuff to research. Im going to let you and Seb have this one. 1 point for the conservatives.

Funkentelecky commented on Friday, Sep 13, 2013 at 21:38 PM

PN, thanks and that 1 point for conservatives is actually a point for us all in being open minded enough to realize that the path to prosperity is to un-leash the free markets, and reduce the size and scope of big government. Governments main job is to protect our rights, freedom of speech and hold businesses accountable for their actions, not to regulate their activity. Who is the author of this article , more insight can be acknowledged by their history?


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