I hate it when people equate welfare = black.
What about corporate welfare? Who does that benefit????
Which type does the most harm to the average citizen????
"Blacks on welfare" slogan is just a coverup........
* Corporate tax breaks - does not help blacks
* Farm subsidies :
Link :
How Farm Subsidies Became America's Largest Corporate Welfare Program
With the House and Senate close to agreeing on a new $171 billion farm bill, the time is right to take a fresh look at farm policy to ensure that taxpayers are getting their money's worth. Although farm subsidies are justified as helping struggling family farmers make ends meet, the bulk of subsidy payments goes to the largest high-income farms. In fact, current farm policy allocates two out of every three farm subsidy dollars to the top 10 percent of subsidy recipients while completely shutting 60 percent of farmers out of subsidy programs.
The ceilings that are in place on most farm subsidy programs are rarely enforced by Congress or the U.S. Department of Agriculture (USDA), and contain loopholes that allow the largest farms and agribusinesses to bypass these limits. As a result, taxpayers are paying billions of dollars to subsidize prosperous farms. Making matters worse, many of the large farms that receive subsidies have used these funds to buy out small farms and consolidate the agriculture industry.
Far from remedying this problem, the House's Farm Security Act of 2001 (H.R. 2646) and the Senate's Agriculture Conservation and Rural Enhancement Act (S. 1731) both increase subsidies and continue tilting them to large farms and agribusinesses.1
* Political subsidies i.e. pork projects attached to bills
The Congressional Pig Book is CAGW's annual compilation of the pork-barrel projects in the federal budget. The 2006 Pig Book identified 9,963 projects in the 11 appropriations bills that constitute the discretionary portion of the federal budget for fiscal 2006, costing taxpayers $29 billion. A "pork" project is a line-item in an appropriations bill that designates tax dollars for a specific purpose in circumvention of established budgetary procedures.
http://www.cagw.org/site/PageServer...rts_pigbook2006
The # of projects increased by 940 percent between 1996 and 2006.
The # of projects decreased 29 percent between 2005 and 2006.
The total number of projects has increased by 6.4 percent since 2003.
The cost of pork in 2006 was 6.2 percent more than in fiscal 2005.
The cost of pork has increased by 29 percent since fiscal 2003.
Since 1991, CAGW had identified 76,421 projects totaling $241 billion.
* All years are fiscal years
Link:
http://www.cagw.org/site/PageServer...report#trend s
More:
Welcome to the on-line version of "The Hidden Entitlements," CTJ's publication outlining hundreds of billions of dollars in "hidden entitlements." buried deep in the federal tax code. Functionally equivalent to direct spending programs, far too many of these "tax expenditures" shower benefits on corporations and the rich at the expense of America's hard-working, taxpaying families. Many of the new leaders in Congress like to pretend that tax loopholes for the well-heeled and the well-lobbied don't hurt the rest of us. But they're dead wrong.
In this new report, Citizens for Tax Justice details and analyzes the hundreds of government spending programs hidden in the tax code * programs that will cost $3.7
trillion over the next 7 years. It shows how some are targeted to industries with lots of political clout. How others are designed to give their biggest subsidies to people with the highest incomes. And how many send the wrong signals to businesses, investors and consumers, and thereby cost jobs and impede economic growth.
The special interests love their tax entitlements because they know full well that many could never survive the scrutiny that applies to the regular federal budget. Yet because they are embedded in the tax code, these programs go on spending our tax dollars, year in and year out, without serious review.
If America is serious about cutting the federal budget deficit, curbing waste and simplifying our tax laws, then it's time to bring the hidden entitlements, the corporate tax welfare and the upside-down subsidies out into the open.
This version of "The Hidden Entitlements" contains cost estimates for 1996-2002, and consists of full text and graphics from the printed version.
<hr>
Table of Contents
PART I
An Overview of Tax Expenditures
Summary Tables PART II
Tax Expenditures for Business & Investment
1. Accelerated depreciation
2. Capital Gains <dl><dd>Details on existing capital gains tax breaks <dl><dd> 28% maximum rate </dd><dd> Indefinite deferral of tax on unrealized capital gains </dd><dd> Capital gains tax breaks for gifts and inheritances </dd><dd> Special additional industry* specific capital gains tax breaks</dd><dd> Other special capital gains breaks</dd></dl>
</dd><dd>Recently proposed capital gains tax changes
</dd></dl>
3. Tax Breaks for multinational corporations
4. Tax*exempt bonds
5. Business meals and entertainment
6. Mergers and acquisitions
7. Insurance companies and products <dl><dd>Interest on life insurance savings
</dd><dd>Small property and casualty insurance companies
</dd><dd>Deduction of unpaid property loss reserves of property and casualty companies
</dd><dd>Special treatment of life insurance company reserves
</dd><dd>Insurance companies owned by tax*exempt organizations
</dd><dd>Blue Cross and Blue Shield
</dd></dl>
8. Oil, gas and energy tax breaks <dl><dd>Exploration and development costs
</dd><dd>Percentage depletion
</dd><dd>Oil and gas exception to passive loss limitation
</dd><dd>Alternative fuel production credit
</dd><dd>Alcohol fuel credit
</dd><dd>New technology credits
</dd><dd>Credit and deduction for clean*fuel vehicles and property
</dd><dd>Exclusion of utility conservation subsidies
</dd></dl>
9. Timber, agriculture, minerals <dl><dd>Exploration and development costs
</dd><dd>Percentage depletion
</dd><dd>Mining reclamation reserves
</dd><dd>Expending multi*period timber growing costs
</dd><dd>Credit and seven*year amortization for reforestation
</dd><dd>Expending certain capital outlays
</dd><dd>Expending multi*period livestock and crop production costs
</dd><dd>Loans forgiven solvent farmers
</dd></dl>
10. Financial institutions (non-insurance)
11. Other business and investment tax breaks <dl><dd>Low*income housing credit
</dd><dd>Employer Stock Ownership Plan (ESOP) provisions
</dd><dd>Real property installment sales
</dd><dd>Empowerment zones
</dd><dd>Reduced corporate income tax rates for smaller corporations
</dd><dd>Treatment of "Alaskan Native Corporations" losses
</dd><dd>Cancellation of indebtedness
</dd><dd>Exceptions to imputed interest rules
</dd><dd>Exemptions of certain mutuals' and cooperatives' income
</dd><dd>U.S. savings bonds
</dd></dl>
12. Pensions, IRAs, etc. PART III
Personal Tax Expenditures
1. Itemized deductions <dl><dd>Mortgage interest on owner*occupied homes
</dd><dd>State and local taxes
</dd><dd>Charitable contributions
</dd><dd>Medical expenses
</dd><dd>Casualty losses
</dd></dl>
2. Fringe benefits <dl><dd>Employer*owned medical insurance and expenses
</dd><dd>Other employer*provided insurance benefits
</dd><dd>Exclusion of employee parking expenses & employer*provided transit passes
</dd><dd>Other fringe benefits
</dd></dl>
3. Earned*income tax credit
4. Other personal tax breaks <dl><dd>Tax*free Social Security benefits for retired workers
</dd><dd>Other support of the aged and the blind
</dd><dd>Capital gains on home sales
</dd><dd>Workmen's compensation, public assistance & disabled coal miner benefits
</dd><dd>Benefits to soldiers and veterans
</dd><dd>Child and dependent care expenses
</dd><dd>Scholarship and fellowship income
</dd><dd>Self*employed health insurance deduction
</dd><dd>U.S. savings bonds for education
</dd><dd>Dependent students age 19 or older
</dd><dd>Foster care payments
</dd></dl>
PART IV
Conclusion
<dl><dd>
APPENDIX: DETAILED TABLES (spreadsheet downloads)</dd></dl>Link:
http://www.ctj.org/hid_ent/contents/content.htm
More:
Corporate Welfare Information Center
"The $150 billion for corporate subsidies and tax benefits eclipses the annual budget deficit of $130 billion. It's more than the $145 billion paid out annually for the core programs of the social welfare state: Aid to Families with Dependent Children (AFDC), student aid, housing, food and nutrition, and all direct public assistance (excluding Social Security and medical care)." <hr width="30%"> "After World War II, the nation's tax bill was roughly split between corporations and individuals. But after years of changes in the federal tax code and international economy, the corporate share of taxes has declined to a fourth the amount individuals pay, according to the US Office of Management and Budget." --
Boston Globe series on Corporate Welfare
[size=+1]
The more corporate welfare received, the more layoffs... [/size]
This is a list of the 8 corporate welfare recipients that were listed in the first article of the Inquirer series, comparing corporate welfare received to the number of people layed off in that time (1990-1994).
Welfare recieved Employment
GM $110,600,000 -104,000
IBM 58,000,000 -100,000
AT&T 35,000,000 -1,077 * #
GE 25,400,000 -80,000
Amoco 23,600,000 -8,300 *
DuPont 15,200,000 -29,961
Motorola 15,100,000 +9,600 *
Citicorp 9,600,000 -15,700
* exceptions to the trend
# AT&T layed off 40,000 people shortly after this accounting
</pre> see also:
Tax Subsidies Reward Corporate Downsizers (
Citizens for Tax Justice report)
Link:
http://www.corporations.org/welfare/
Black isn't a skin color..............
Peace
