Today’s Boston Globe looks at the $154 billion a year that Congress has approved in special corporate tax breaks.
(Paying attention here? Those corporate tax breaks are worth almost TWICE as much as the infamous “Sequester” budget cuts.)
The Globe also begins to quantify the “return on investment” for corporate lobbying expenses. For instance,
- Multinational corporations with overseas investments spent about $134.5 million lobbying on various issues. What did they get for their money? An estimated $11.2 billion, just in one tax break (special treatment of certain foreign investment income).
Approximate return on investment: 8,200%
Here’s how one observer described it: “What we’re doing is running a Soviet-style, five-year industrial plan for those industries that are clever enough in their lobbying to ask all of us to subsidize their business profits.’’