End Corporate Welfare Now...A story in this morning's New York Times brings this issue to Page One. The oil industry while ruthlessly fighting any sort of carbon tax, is the beneficiary of Billions in corporate welfare tax breaks and subsidies.
But an examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process. It's not just Big Oil on corporate welfare. How about Big Agriculture.
The Archer Daniels Midland Corporation (ADM) has cost the American economy billions of dollars since 1980 and has indirectly cost Americans tens of billions of dollars in higher prices and higher taxes over that same period. At least 43 percent of ADM's annual profits are from products heavily subsidized or protected by the American government. Moreover, every $1 of profits earned by ADM's corn sweetener operation costs consumers $10, and every $1 of profits earned by its ethanol operation costs taxpayers $30.
The Cato Institute calculates that corporate Welfare programs cost the taxpayers about $100 billion per year. So if the Democrats were really serious about reform (including earmarks) in corporate welfare - Read full here
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WashingtonPost It's time to end the excessive subsidies for corn etha
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WashingtonPost It's time to end the excessive subsidies for corn etha
