While the United States has a deficit of more than $16 trillion dollars we are still granting corporate tax subsidies that exceed $3 trillion dollars a year. We are subsidizing the operations of multi-national corporations that are paying zero corporate income taxes. It is time that we change the tax laws to end these tax subsidies to highly profitable companies. We have to get our tax structure and polices back under control.
Corporate Welfare in the form of tax subsidies, loopholes and deductions are way out of control. When you can have a company like General Electric can earn over $3.5 billion dollars and not pay one dime in Federal Corporate Income Tax corporate tax subsidies have gotten out of control. Why are we subsidizing the drilling expenses of Big Oil? Time for a change.
Yes, they are out of control. Subsidies are now being used as government aid to firms rather than an incentive to help firms hire workers and develop products. As we see in the banking and stock market firms, they received government subsidies in the billions and weren't even punished much for taking risks which caused the Great Recession. As a matter of fact, several firms received government bailout money. This is wrong and if we keep doing this, we are just rewarding bad behavior in firms.
"Corporate welfare" dwarfs most other forms of welfare in terms of GPD. Major multinational corporations like Exxon often pay no taxes at all. Unfair advantages are being given to selective industries and corporations, with bribed politicians funding their political campaigns with money they get from the business "winners" who get the subsidies. It's a self-reinforcing downward cycle of corruption and looting.