Corporate Welfare

Mike Steindel (
Wed, 5 May 1999 20:55:34 -0700 (PDT)

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A 100 billion a year in Welfare to american Corporations. It's no damn
wonder how they have so much dough to be able to buy off politicians and
still drive a mercedes and fly first class. I am not sure as to how to
end this deplorable situation but it does need to be ended. Obviously
writing to elected officials to quit taking freebies and cut off the
corporate gravy train is not working... So whats next. The media seems
to be wholly owned by about 5 or 6 individuals... The watchdogs of
Democracy owned by the corporate robber barons.  

Hoover Essay in Public Policy: Welfare for the Well-Off: How Business
Subsidies Fleece Taxpayers by Stephen Moore=A0
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Updated 8:08 PM ET May 5, 1999
STANFORD, Calif. (BUSINESS WIRE) - Nearly $100 billion in federal
subsidies is given annually to U.S. businesses. If this was done away
with, personal income tax could be reduced 10 percent across the board
or capital gains and death taxes could be eliminated.

Yet another reason to eliminate business subsidies is they don't provide
jobs or help small businesses, according to Hoover Visiting Fellow
Stephen Moore in Welfare for the Well-Off: How Business Subsidies Fleece
Taxpayers, a Hoover Institution Essay in Public Policy.

Federal subsidies take many forms, including direct grant payments,
below-market insurance, direct loans and loan guarantees, trade
protection, contracts for unnecessary activities, and tax code
loopholes. Some government programs that receive taxpayer support are
the Export Import Bank, the Overseas Private Investment Corporation, and
the Commerce Department's Advanced Technology Program.

In his essay, Moore criticizes the Clinton administration for
consistently requesting that more tax money be budgeted for corporate
gifts. He also finds fault with congressional Republicans who haven't
followed through on attempts to reduce business subsidies because, in
his view, these programs undermine the free enterprise system.

Moore concludes that Congress should stop providing financial aid for
businesses and instead cut taxes, or reduce the national debt, or both.

Moore wrote this essay when he was a visiting scholar at the Hoover
Institution. He is a contributing editor to Human Events and National
Review. His book, "Still an Open Door? Immigration Policy for the
Twenty-first Century," co-authored with Vernon Briggs, was published by
the American University Press in 1994. He is the director of fiscal
policy at the Cato Institute.

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