We’ve all heard the news of bank bailouts, oil company subsidies, and tax loopholes for the wealthy. Corporations receive tax breaks for doing business within the United States, sometimes taking the subsidy money and then moving their business elsewhere anyway. Other subsidies are for things most people would consider outrageous like subsidies for private aircraft or private equity and hedge funds. And oil corporations log record profits while gas prices continue to soar.
But corporations aren’t the only ones who benefit. The very wealthy are now able to take advantage of mortgage interest deductions for yachts and vacation homes. These deductions were designed to encourage middle-class home-ownership, but now they are being used to help the wealthy keep their yachts.
Meanwhile, corporations like Walmart are taking advantage of public money in a slightly different way. They pay their workers very low wages, resulting in a higher need for public assistance from not only their employees but also the dependents of those employees. One study found that Walmart costs taxpayers $86 Million in publicly funded assistance programs.
For more about the cost of corporate welfare in America, check out this infographic. You might be surprised how much taxpayers are shelling out for corporate jets and private control towers.
