• News
  • Celebrities
  • Finance
  • Crypto
  • Travel
  • Entertainment
  • Health
  • Others

Report: top corporations spent millions on politics, paid no federal taxes

Five top U.S. corporations racked up millions in profits last year and paid no federal taxes. They spent money instead on political campaigns and it was money well spent. Over the last decade, Bank of America, Boeing, Chevron, ExxonMobil and General Electric handed out $78.7 million to state political campaigns and $45.3 million to federal campaigns, according to a report released Wednesday by the National Institute for Money in State Politics. In return, the corporations in 2009 won $3.7 billion in tax breaks overall and paid $0 in federal taxes. They enjoyed a combined profit of $77.16 billion in 2010.

Any Americans who paid taxes last year– employed, semi-employed, unemployed, between gigs, recession-rattled Republicans, Democrats or independents– any American who paid taxes last year paid more than did all of the five corporations in the study, combined.

It will come as little surprise to residents of Colorado that, when it came to spending on ballot measures, the corporations unloaded 90 percent of their cash here and in California.

In 2008, ExxonMobil and Chevron gave a total of $2.4 million to a political committee called “Coloradans For a Stable Economy,” which was organized to defeat Amendment 58. The amendment sought to hike the amount of state severance taxes paid on oil and gas extracted in the state and, with the help of the generous giving of the corporations who would have had to pay the severance taxes, it failed.

In state races, the corporations gave nearly double the amount of cash to Republican candidates and causes than they did to Democratic candidates and causes. Most of all, however, they gave to incumbent candidates. Overwhelmingly, the corporate cash was well placed because, remarkably, in four out of five cases, it backed a winner.

From the report:

+ $17 million went to Republican candidates and party committees; $9.7 million went to Democrats.

+ 85 percent ($15.2 million) of the $17.9 million given to candidates went to incumbents.

+ More than three out of every four dollars given to candidates went to winners.

+ $2.4 million was given to candidates not up for reelection in the election during which the money was given.

Cash_1320.jpg
Cash_1320.jpg

Most all of the five corporations spent greater sums in Washington than in the states, seeking to influence federal laws. Chevron was the exception. The company gave $5 million to federal campaigns and $55 million to state candidates and causes.

Got a tip? Story pitch? Send us an e-mail to tips@washingtonindependent.com

Discussion & Comments (0)

    Recent Articles

    • Things You Should Know about North America

      Things You Should Know about North America

      Get to know more about North America.

    • Eurovision 2010 Paula Seling Unpredictable Contest

      Eurovision 2010 Paula Seling Unpredictable Contest

      Paula Seling's experience on the Eurovision stage led her to declare that "Eurovision is an unpredictable contest". Which may explain the success of the young Lena from Germany, about whom the predictions before the event did not offer much chances for victory.

    • VIPRow.me - The Best Sports Streaming Website Today

      VIPRow.me - The Best Sports Streaming Website Today

      Have you ever contemplated creating a user-friendly site dedicated to sports-related free live streaming channels?

    • Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      Learn How To Download, Install, And Use The Xnxubd 2022 Frame App

      XNXUBD 2022 Nvidia users are able to watch thousands of videos and other contents online. XNXUBD 2022 Nvidia New is a piece of software that enables people to watch videos online without having to pay for memberships. On a graphics card, the XNXubd also provides some of the best gaming and virtual reality experiences.

    • Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      Xvideostudio Video Editor Apk Free Download For Pc Full Version In 2022

      A new edition of the Video Editor Apk for xVideostudio.Video Studio has all the latest features, including support for multiple video download formats in HD, FHD, and even 4K resolutions.

    • 9 Best Lotion For Masturbation - Popular Choice For 2022

      9 Best Lotion For Masturbation - Popular Choice For 2022

      Masturbation is a common activity for men and women. It's a natural and risk-free way to explore your body, experience pleasure, and release sexual tension.

    • Reasons Why You Need To Stop Watching Movies From Sflix

      Reasons Why You Need To Stop Watching Movies From Sflix

      Without having to sign up or pay anything, you can watch movies online for free with SFlix. It has more than 10,000 movies and television shows.

    • Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Mom And Dad's Family History & Wife, Explained

      Coi Leray Collins (born May 11, 1997) is a rapper from the United States. Leray started publishing songs to SoundCloud in 2014, and in 2018 she released her breakthrough track "Huddy" as well as her first mixtape, Everythingcoz.

    • Listen And Download Music On MyFreeMP3 For Free

      Listen And Download Music On MyFreeMP3 For Free

      Are you in a bind and looking for a place to obtain free mp3 songs? Never again will you need to bother, since this article has everything necessary to obtain your solution. Download free music from MyfreeMP3.com, one of the world's most popular websites.