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In reply to the discussion: If you make $50,000 per year .... [View all]DawnBringer
(1 post)This is definitely misleading several ways, I am pretty sure whoever made the meme is including tax incentives, as well as indirect taxtion, which are not technically subsidies. The language is all wrong. I think you get a much better picture if you look at per capita spending. We spend $2,600 per person per year on our US military budget. Regardless of what you are paying, the govt is spending this much per person. This was easy to find on Wikipedia, finding out how much America is giving away in tax incentives is a lot harder. The Cato institute puts direct incentives, actual subsidies to corporate America at about $870 per capita. But that doesn't tell the whole story does it? How do mega corporations make multi-billion profits and still end up paying 7% or 5% or 0% taxes? I found a website that puts the real corporate incentive rate at $6000 per capita. Check this out, and let me know if their calculation sounds even remotely legit?
https://www.commondreams.org/view/2013/09/23
If the number is only $4000 per person per year for corporate incentivization, we are spending almost DOUBLE paying off big business than we do on our ridiculous bloated military! That seems wrong to me. How about you?
There is this one, a really big deal in our economy, falsely justified by a "soaring" stock market....$722 per capita for Interest Rate Subsidies for Banks
"According to the Huffington Post, the "U.S. Government Essentially Gives The Banks 3 Cents Of Every Tax Dollar." They cite research that calculates a nearly 1 percent benefit to banks when they borrow, through bonds and customer deposits and other liabilities. This amounts to a taxpayer subsidy of $83 billion, or about $722 from every American family.
The wealthiest five banks -- JPMorgan, Bank of America Corp., Citigroup Inc., Wells Fargo & Co. and Goldman Sachs -- account for three-quarters of the total subsidy. The Huffington Post article notes that without the taxpayer subsidy, those banks would not make a profit. In other words, "the profits they report are essentially transfers from taxpayers to their shareholders."