Five Biggest Recipients Of Corporate Tax Breaks Spent $8 Million In 2010 Elections (UPDATED)

[Donnachaidh]

http://www.huffingtonpost.com/2011/05/03/recipients-corporate-tax-breaks-elections_n_856630.html

WASHINGTON -- The top five recipients of large federal corporate tax breaks in 2009 are also among the biggest spenders in the U.S. political system -- they shelled out a combined $7.86 million in campaign contributions during the 2010 elections (in political action committee and individual employee contributions), according to analysis from the New York City Public Advocate's office. Bill de Blasio, the public advocate, is now calling on these companies to verify that no taxpayer dollars will be used in future election spending, warning such a move could "carry financial risk to the bottom line."

De Blasio, a Democrat, has aggressively gone after campaign finance accountability and successfully used his bully pulpit to convince several Wall Street firms not to spend any corporate dollars on political advertising.

According to the analysis by de Blasio's office, ExxonMobil, Bank of America, General Electric (GE), Chevron and Boeing had combined profits of $77.16 billion in 2010 but paid $0 in current federal income taxes in 2009. It should be noted, however, a Chevron spokesman said the company paid current taxes of $1.5 billion and deferred taxes of $162 million for 2010.

At the same time, these companies gave a combined $7.86 million in political contributions during the 2010 election cycle -- a 7 percent jump over their 2008 political spending.



More at the link --

[xchrom]

1. Recommend

[The Magistrate]

3. Showing Up, Sir, Not Just that the Politicians Are Whores, But That They Are Cheap Whores

Tax code favors netted these companies at least twenty-five billions in 2009 alone, and that cost a trifling eight millions. It is not even pennies on the dollar; it is just about a penny for each thirty dollars. People with some self-respect would hold out for ten percent at least....

[Lasher]

5. Corrupt bastards.

That applies to these companies, but particularly to members of Congress who do their bidding.

[SpiralHawk]

2. "More more more tax cuts for rich republicons!" - Rush DraftDodger Limbaugh (R)

"When you are hauling in $40 million a year to spout republicon lies on the radio, you really need more more more tax cuts. Smirk. Sneer."

- Rush DraftDodger Limbaugh (R)

[rhett o rick]

4. r & k

[crickets]

6. K&R