Our Most Corrupt Tax Breaks: 10 Loopholes to Close Right Now
Source: SF Weekly
A year ago Citizens for Tax Justice, a Washington, D.C., nonprofit, studied the tax returns of 280 corporations. What it found was a Beltway version of a Mafia protection scheme.
From 2008 to 2010, at least 30 Fortune 500 companies — including PepsiCo, Verizon, Wells Fargo, and DuPont — paid more for lobbyists than they did in taxes. They collectively spent $476 million sucking up to Congress, buying protection for tax breaks, loopholes, and special subsidies.
It didn't matter that these same 30 firms brought home a staggering $164 billion in profit during that three-year period. They not only managed to avoid paying taxes; they actually received $10.6 billion in rebates.
... But there's another part of the tax code where 99 percent of America is barred from entry. It's where Congress sells loopholes and subsidies to those who can pay. They not only screw the rest of the country — which is forced to cover the tab — but turn the notion of a free market into a joke.
... Introducing the 10 most corrupt breaks, designed to do nothing but pervert America's economic strength:
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