It is time for an unusual but long overdue revolt by the 150 million tax-with-held taxpayers. I’m not speaking of rates of taxation that the rich and corporations largely avoid because of the gigantic tax escapes, which they grease through Congress. Today I’m hoping to get your dander up by showing how corporatist politicians make you pay for big corporations to come to their corporate welfare-friendly state and make profits.
You’ve been required to subsidize these companies for them to make a profit and you get nothing in return – silent partners pouring money indirectly into big-name corporations. They misleadingly call these subsidies “incentives,” but they are really coerced entitlements.
Before getting into these recent tax breaks, a little history is needed to show that once upon a time, giveaways to these self-styled “capitalists,” were not so easy.
In 1971, the Lockheed corporation was not doing so well. So, its corporate lawyers went to Congress to ask for a $250 million loan guarantee so that banks would lend the company money and have no risk because of Uncle Sam’s backing. The proposal created an uproar on Capitol Hill. Hearings were held and extensive debate on the House and Senate floor dissected all sides of this controversial,
— source nader.org | Ralph Nader | Jun 10, 2022