For all those who are obsessed about local welfare for the least fortunate among us, I share this listing of eight corporate subsidies in the fiscal cliff bill that just passed Congress:
— NASCAR tax breaks to equal $43 million over two years.
— Railroad tax credits of $165 million a year to maintain tracks.
— Hollywood studios got $150 million for 2010 and 2011.
— Mining companies got an unspecified amount for safety training for work and safety equipment.
— Subsidies for Goldman Sachs headquarters ($1.6 billion tax-free financing).
— A $9 billion off-shore financing loophole for banks.
— Tax credits for foreign subsidiaries of $1.5 billion for 2010 and 2011.
— A research tax credit projected to cost $8 billion for 2010 and 2011 with depreciation provisions projected to cost about $110 billion for those years.
Almost weekly we read locally the writings of those who are obsessed with welfare for the poor and needy right here in L-A, which pales in comparison to corporate welfare such as I listed above. Add to that the billions of dollars for oil company subsidies and billions upon billions more that we don’t see.
We see someone buying clear lobster meat with an EBT card and say “isn’t that terrible” because it is what we see.
There are billions upon billions upon billions of corporate welfare dollars the public doesn't see and remain well hidden, all the while there are those who are obsessed with local welfare payments. There is something wrong with that picture.
Time to obsess over corporate welfare.
Laurent Gilbert Sr., Lewiston