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10 Corporate Welfare Programs That Will Make Your Blood Boil


US Politics & Gov't  (tags: Bernie Sanders, free stuff, Corporate Welfare, Capitalism, govt handouts to wealthy Corporations, inequality, corporate jets, Faux News )

Barbara
- 1359 days ago - usuncut.com
A small number of incredibly wealthy Americans are ridiculing Bernie Sanders' base for wanting "free stuff" when the costliest programs are, by far, corporate welfare and entitlements for the top 1%. Faux News has been working hard to tear down Sanders'



   

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Barbara T (431)
Friday October 30, 2015, 10:33 pm
The next time you hear someone complain about how the poor get “all this free stuff,” show them this.

A small number of incredibly wealthy Americans are ridiculing Bernie Sanders’ base for wanting “free stuff” when the costliest programs are, by far, corporate welfare and entitlements for the top 1 percent. Fox News has been working hard to tear down Sanders’ proposals to provide Medicare for all, institute tuition-free public college, boost infrastructure spending, and expand Social Security.

“That’s not fiscally possible unless the federal government starts seizing private assets,” said Bill O’Reilly.
But O’Reilly is wrong. The money for Sanders’ platform can easily come from eliminating the costliest entitlement programs for the top 1 percent and multinational corporations. 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. In 2010, the Economic Policy Institute found out that the biggest corporations cost Americans $7 billion by writing off inflated executive pay. Between 2007 and 2010, this loophole accounted for more than $30 billion in corporate welfare. According to The Guardian, fast food industry CEOs cost taxpayers $64 million through this loophole.

That $7 billion could singlehandedly fund the annual budget for the National Science Foundation — which, as I recently reported for US Uncut, funds 11,000 scientific research projects each year and has funded 26 Nobel laureates in the last 5 years.

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. A Bloomberg analysis from 2011 showed that these tax breaks for some of the wealthiest Americans cost the rest of us $300 million each year. While that may not sound like much, that’s approximately 50 percent of the annual budget for the Consumer Financial Protection Bureau, the brainchild of Elizabeth Warren that protects Americans from the financial sector’s most predatory schemes.

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. OCI estimated that total combined subsidies to big oil approached $37.5 billion in 2014, which includes $21 billion on production and exploration subsidies.

These subsidies alone cost more than what we currently spend on providing rental assistance for low-income families. In 2013, the department of Housing and Urban Development allocated a total of $34.3 billion toward tenant-based rental assistance ($19 billion), project-based rental assistance ($8.7 billion), and general public housing programs ($6.6 billion). These programs helped 4.5 million families — half of whom are elderly — keep a roof over their head.

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. This is over $1,914 per household in corporate welfare. This is partly due to the Medicare Part D bill that George W. Bush signed into law in 2003, which prevents Medicare from negotiating drug prices with pharmaceutical companies. But the biggest drug companies also make a pretty penny (a combined $711 billion in profits between 2003 and 2012) by buying patents for drugs that were largely developed with taxpayer-funded research, then jacking up the price by absurd amounts after cornering the market.
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This is of course JUST THE BEGINNING.... not the HALF of it!!! Read the rest of the article, with charts.....
 

Barbara T (431)
Friday October 30, 2015, 10:34 pm
This article NEEDS A LOT OF EXPOSURE.

How to REFUTE all the RETHUGLICAN LIARS......
 

Sue H (7)
Friday October 30, 2015, 11:39 pm
:(
 

Darren Woolsey (218)
Saturday October 31, 2015, 2:53 am
Gideon Osborne, Cameroon, TAKE NOTE

Will share this everywhere.
Thanks BMutiny,
 

Freya H (344)
Saturday October 31, 2015, 7:08 am
Show this article to the next butt-head who mewls about how much he/she is paying for SNAP, welfare, etc. The real parasites are the rich! This is why We The People need to rise up, get organized, and take back our country - while we still can via peaceful means.
 

mar l ene dinkins (264)
Saturday October 31, 2015, 3:34 pm
noted yhnx
 

Rose Becke (141)
Sunday November 1, 2015, 1:57 am
Makes me bloody angry
 

Erika Acosta (0)
Sunday November 1, 2015, 4:54 am
Thanks
 

Past Member (0)
Sunday November 1, 2015, 7:12 am
Noted
 

Sasiton G. (1)
Sunday November 1, 2015, 7:50 am
Great article, thanks for posting
 

David C (75)
Sunday November 1, 2015, 2:56 pm
thankyou!
 

Patrice Z (16)
Sunday November 1, 2015, 2:58 pm
Sad, but good to know.
 

pam w (139)
Sunday November 1, 2015, 3:47 pm
It's called OLIGARCHY! And they're growing BOLDER and SHAMELESS.
 

Rhonda B (99)
Monday November 2, 2015, 9:22 am
Thank you!
 

Sheryl G (359)
Monday November 2, 2015, 4:53 pm
This information has been out there for some time now and is what I always place out there to the Right Wingers. They get all bent out of shape over someone that receives a few Food Stamps to keep their children from going hungry but when it comes to the millions and billions that are going to the Corporate Elites never a mention.

I posted this quick video done by Linda Tirado who explains things in 3 minutes. She understands living in poverty and doing her best to combat it with a message now. She brings up this Corporate Welfare. If you didn't watch it when I posted it, it is worth the 3 minutes to do so.
Linda Tirado And US Poverty She Nails It in 3 Minutes
 

Past Member (0)
Sunday January 31, 2016, 7:32 am
THANKS FOR SHARING
 
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