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Study: Large Corporations Dominate Federal Subsidies

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Study: Large Corporations Dominate Federal Subsidies

The middle market gets ignored…again.

According to a study released today by by Good Jobs First, a non-profit/non-partisan research center in Washington, DC, two-thirds of the $68 billion in federal business grants and special tax credits awarded over the past 15 years have gone to large corporations.

"Big business dominates federal subsidy spending the way it does state and local programs."

 

During the same period, federal agencies have given the private sector hundreds of billions in loans, loan guarantees and bailouts, with three-quarters going to a dozen US and foreign banks.

"For more than 20 years, so-called corporate welfare has been debated with little awareness of which companies were the biggest recipients," said Good Jobs First Executive Director Greg LeRoy.

"Big business dominates federal subsidy spending the way it does state and local programs," said Philip Mattera, principal author of the study and creator of Subsidy Tracker.

Other findings from the report included:

 

  • Six companies received $1 billion or more in grants and allocated tax credits (those awarded to specific companies) since 2000. Just 582 large companies account for 67% of the total (excluding tax breaks that cannot be attributed to individual companies). The largest recipient is Spain's Iberdrola, which received $2.2 billion for its US wind farms. 
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