” The 2014 tax season is finally over and whether or not you owe the IRS, the following news will not make you pleased:
” Twenty-five profitable Fortune 500 companies spent more on lobbying than they paid in federal taxes between 2008 and 2012,” according to a Public Campaign analysis of data from Citizens for Tax Justice and the Center for Responsive Politics.
This is yet another way our tax structure penalizes individuals and small businesses while supporting mega corporations. We must make tax reform a major issue in the 2014 and 2016 elections to even this out.
The analysis showed that over five years, these 25 corporations spent way more money influencing government than supporting it. They generated nearly $170 billion in profits and received $8.7 billion in tax rebates, all while paying their lobbyists $543 million, an average of nearly $300,000 a day, to advance their interests in Congress.”
The astute reader will note that all of these corporations had a negative tax obligation . What’s wrong with this picture ? Cronyism anyone ?