HomeEconomic IssuesWelfare Queen Koch Brothers Got $88 Million in Government Handouts

Welfare Queen Koch Brothers Got $88 Million in Government Handouts

A report from the taxpayer watchdog group, Good Jobs First, shows that socialism for the rich is alive and well.

According to the report, some of the wealthiest corporations in the world are propped up by billions of dollars of corporate welfare payments from state and local governments.

The study says that “three-quarters of all the economic development dollars awarded and disclosed by state and local governments have gone to just 965 large corporations,” not to the small businesses that conservatives claim to be in support of.

Entitled “Subsidizing the Corporate One Percent,” the study claims that thanks to its “Subsidy Tracker database,” is it now possible to “estimate the share of total state and local economic development awards going to the largest corporations.”

“We can also for the first time identify which companies have received the most cumulative awards, both in dollar terms and number of awards,” the studies authors write.

“In dollar terms, the biggest recipient by far is Boeing, with a total of more than $13 billion, reflecting the giant deals it has gotten in Washington and South Carolina as well as more than130 smaller deals around the country. The others at the top of the cumulative subsidy dollar list are: Alcoa ($5.6 billion), Intel ($3.9 billion), General Motors ($3.5 billion) and Ford Motor ($2.5 billion). A total of 17 companies have received cumulative subsidy awards worth more than $1 billion; 182 have received awards of $100 million or more.”

Of course, if these subsidies were going to poor Americans, they’d be slammed by conservative voices. But since they’re being funneled to the one percent, they’re praised as job-creating incentives.

The Good Jobs First report is yet another light which exposes GOP hypocrisy when it comes to their definition of “dependency.” The infamous Koch Brothers bill themselves as free-market libertarians, championing the self-made ideals that supposedly guided them to their present-day success. But they themselves have benefitted from more than $88 million in government handouts.

The study concludes that “large corporations account for an overwhelming share of the tax breaks and cash grants state and local governments have given out in the name of job creation.”

Read the entire report here.

h/t: In These Times

About Sky Palma

Sky Palma
Sky Palma lives in Los Angeles and has been writing about politics, current events and religion for over a decade. He's also the head editor and founder of deadstate.org.
  • http://gravatar.com/theprototypist theprototypist

    I live in Illinois the bluest of blue states. Republican do not control House or the Senate and our governor is a democrat. We give billions to corporations. This is not a GOP issue, this is an issue about failed democratic policies that are forcing states to bribe corporations to stay in the state. Boeing, Cat, Sears, Motorola… All were given tax breaks to stay in Illinois by Democrats.

  • http://gravatar.com/rmcnall rmcnall

    If the states pay to replace them, the states should get to collect the 70 M from Amtrak and several 100M more from BNFS for their use

  • Hooper

    Sooooo…. AATTP is coming out for getting rid of our ridiculous tax code and moving to a flat tax immediately. Welcome to the right side of aisle.

    • Teve

      That’s what you came away with from reading this? Haha No, they’re taking issue with enormously profitable companies siphoning billions of dollars from the tax paying citizens who don’t get the same breaks and perks. They’re taking issue with the rhetoric from the right that it’s the poor that’s bankrupting th country when we all know where the money is going….

      • Hooper

        I proffered a solution. All you’ve done is complain. That’s liberalism for you.

    • boB

      Hooper,

      That is not anywhere close to anything said by anyone in this article. No one talked about tax rates at all, certainly not the regressive flat tax BS that benefits the wealthy at the expense of everyone else. Try reading the article again, it is about money going FROM the government TO private corporations, the exact opposite of what “tax” means.

      • Hooper

        No, I am saying that since AATTP is criticizing this kind of cronyism, and rightly so, then AATTP might be on board for the only real solution to that.

        I now know otherwise, that AATTP aren’t really interested in a solution, they’re just interested in the kiiiiiiiiiind of people benefitting from crony capitialism. Like Soros, and Google and GE.

      • Jack King

        In reading through the article and links, it seems that these “subsidies” are really nothing more than tax breaks. For example a local or state government will offer a “tax holiday” for a period of time if they will build their plant locally. This is wise public policy since it means jobs and economic growth for the local economy. Furthermore, tax breaks are not subsidies. Taxes are a way of taking funds away from an individual or company that they already posses…namely their income. If taxes are reduced it just means that less is taken away of something that is already yours.

  • 99 PERCENTER

    HERE IS ANOTHER EXAMPLE OF THE SUPER FILTHY RICH GETTING RICHER AT THE EXPENSE OF THE MASSES WHO ARE THE 99 PERCENTERS:

    Warren Buffett wants taxpayers to pay to replace and maintain his railroad tracks in Kansas, Colorado and New Mexico. Buffett is a major stockholder in Berkshire Hathaway which owns BNSF railroad. BNSF leases the use of its tracks to AMTRAK through three states for at least $70 million per year per state.

    BNSF is demanding taxpayers from each state to ante up at a minimum $100 million per state to replace the tracks just because AMTRAK uses them once per day for the Southwest Chief train from Chicago to L.A. BNSF uses the tracks dozens of times per day. BNSF benefits which makes Warren Buffett even more filthy rich at the expense of the rest of us. I say citizens need to say no to corporate welfare and the multi-billionaire Buffett to transfer more money from the 99 percent to him and his rich buddies.

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