New Report: Lobbyists or Fair Share in Taxes?
As thousands of unemployed workers visit DC this week to meet with their members of Congress and protest corporate influence in our elections, we've released a new report today on 30 tax dodging corporations and the money they spend on politics--both lobbying and campaign contributions.
Here are the key findings:
- The thirty big corporations analyzed in this report paid more to lobby Congress than they paid in federal income taxes for the three years between 2008 and 2010, despite being profitable.
- Despite making combined profits totaling $164 billion in that three-year period, the 30 companies combined received tax rebates totaling nearly $11 billion.
- Altogether, these companies spent nearly half a billion dollars ($476 million) over three years to lobby Congress—that’s about $400,000 each day, including weekends.
- In the three-year period beginning in 2009 through most of 2011, these large firms spent over $22 million altogether on federal campaigns.
- These corporations have also spent lavishly on compensation for their top executives ($706 million altogether in 2010).