Tax subsidies for … ?
Think Progress points us to a study by Citizens for Tax Justice on what industries receive tax subsidies by amount and percentage, with pages of how data was compiled at the end.
Relevant and even prescient commentary on news, politics and the economy.
A few points on this. Because of the financial crisis, financial firms have more tax loss carry forwards than other industries. They also generate more revenues from investment income than other industries and as a result, invest in tax-free munis which lowers their effective tax rate, but the cost of lower yields. Also financials comprise roughly 15% of the S&P 500 market value and a higher component of its normal earnings.
I would like to see a 4th column that shows their political contributions. I suspect they line up pretty well with their subsidies.
That’s $222.7Billion. The whole tax and budget debate is a sick joke.
Great idea for a 4th column and let’s add another for spending on Washington lobbying. We want to capture indirect payoffs to pols and their staffs, so we can compare returns on investment. (BTW, are these tax deductable expenses?)
Subsidize what you want more of, tax what you want less of. Hmm, seems like the entire economy is being subsidized, but that can’t be. You have to look at the net tax or subsidy, about the average. Seems like much of our real industry is being taxed to support finance, and a few other sectors. Industrial machinery stands out also, but that may be something you want to subsidize…
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