The Top Ten Most Corrupt Tax Breaks

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Justin Renteria
Did you know Apple Inc. was Irish?

Did you know the mortgage interest deduction can be applied to yachts? Big million dollar yachts?

Or that even though the five biggest oil companies made a collective $137 billion in revenue last year, they also got $20 billion in tax breaks?


A year ago Citizens for Tax Justice, a Washington, D.C. nonprofit, studied the tax returns of 280 corporations. What it found was 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.

See this week's online extra feature "The 10 Most Corrupt Tax Loopholes" for more on the exact ways certain companies are not only getting incredible benefits but are making you, the ordinary taxpayer, pick up more of the tax load so their special deals can continue.

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2 comments
Fluerie
Fluerie

Reflecting further from my knee jerk reaction, I commend you guys for covering this, maybe on a local level where no one else has the cajones, will or reporting abilities to do it like you've done with other national issues which manifest locally and Houstonians can connect with. Just frustrated it's taken so long, especially on the verge of an election where understanding this stuff really matters. 

Fluerie
Fluerie

I know the roots of this publication were nourished on Libertarian fodder, but are you serious in treating this as news in any way? Moyers. MSNBC. Those are two mainstream sources that pop to mind immediately that have been reporting this stuff for years. Then there's the 'less reputable stuff' like you'd find in Harper's, The Atlantic, The Nation, Mother Jones and the rest.

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