Report: 75 percent of corporate subsidies soaked up by richest companies

http://www.rawstory.com/rs/2014/02/26/report-75-percent-of-corporate-subsidies-soaked-up-by-richest-companies/



Report: 75 percent of corporate subsidies soaked up by richest companies
By Tom Boggioni
Wednesday, February 26, 2014 14:39 EST

Citing a study conducted by taxpayer watchdog group Good Jobs First, Dave Sirota at PandoDaily reports that Fortune 500 companies have received $63 billion in subsidies from the U.S. government with 75 percent of those dollars going to just 965 major corporations.

The study, called “Subsidizing the Corporate One Percent” shows that those dollars are not going to the entrepreneurs, who are often cited as the ‘job creators’, but to established highly profitable corporations.

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Fortune 500 firms alone have received more than 16,000 subsidies at a total cost to U.S. taxpayers of $63 billion.

Additionally, eight out of the top 20 firms receiving subsidies are not U.S. companies, meaning American taxpayers are subsidizing foreign firms.