Spending More to Influence Govt. Than Fund It
As business taxes continue their 60 year decline in the United States, the International Business Times reports that 30 major corporations have spent more money â three times as much â over the last few years on influencing the government than theyâve paid in federal taxes over that period of time.
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 â including weekends â 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 stability 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 of those companies paid no federal income tax at all. And that doesnât even include all the money they give to third party groups to influence elections with âissues ads.â
http://freethoughtblogs.com/dispatches/2011/12/14/spending-more-to-influence-govt-than-fund-it/
As business taxes continue their 60 year decline in the United States, the International Business Times reports that 30 major corporations have spent more money â three times as much â over the last few years on influencing the government than theyâve paid in federal taxes over that period of time.
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 â including weekends â 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 stability 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 of those companies paid no federal income tax at all. And that doesnât even include all the money they give to third party groups to influence elections with âissues ads.â
http://freethoughtblogs.com/dispatches/2011/12/14/spending-more-to-influence-govt-than-fund-it/
