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Country's Largest Corporations Spend More Money On Lobbying Than Taxes
By
Christopher Robbins
Published Dec 7, 2011
Modified Dec 7, 2011
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By
Christopher Robbins
Published Dec 7, 2011
Modified Dec 7, 2011
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In a "remember me, three years ago?" speech in Kansas yesterday, President Obama told the crowd, "This country succeeds when everyone gets a fair shot, when everyone does their fair share and when everyone plays by the same rules." A new report [pdf] from the non-profit organization Public Campaign shows that 30 of the country's largest corporations—including GE, Wells Fargo, Verizon, and Fed Ex—paid more to lobby Congress from 2008 through 2010 than they did in federal income taxes. What country was the president referring to?
Of the 30 companies, only one actually paid any federal income taxes: FedEx. The rest received nearly $11 billion in rebates. And even FedEx only paid 1%, 34% less than the statutory rate. As for lobbying, the 30 corporations spent a combined $476 million—or $400,000 a day every single day of the year, to ensure their interests were represented in Congress. GE led with way with $84 million in the three-year period (wonder why?) Verizon spent $54 million, and Boeing spent $52 million.
We can hear Eric Cantor crying now: "But these companies create jobs!" Of the seven companies that would make their employment records public, the report shows that over 50,000 Americans were laid off by these corporations, despite them turning a profit.
If you've been weeping uncontrollably if you even attempt to pick the paper up from your stoopfollowing the news, the results of this report shouldn't surprise you. But hey, a few more speeches in Kansas should straighten things out.
Tagged
economy
executive compensation
hope and change
job creators
obama
occupy wall street
Politics
president obama
Christopher Robbins
Christopher Robbins is a New York City reporter covering transportation, affordable housing, local politics, and criminal justice. His work has also appeared in New York Magazine, The Village Voice and The New York Times. Chris is a graduate of Patrick Henry High School in Roanoke, Virginia, and enjoys biking to Fort Tilden in the summertime.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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