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Wednesday, September 25, 2013

Add It Up: The Average American Family Pays $6,000 a Year in Subsidies to Big Business

"$6000.... . That's over and above our payments to the big companies for energy and food and housing and health care and all our tech devices. It's $6,000 that no family would have to pay if we truly lived in a competitive but well-regulated free-market economy.

(See the article - the link is below* - for the explanation of each of the following; space restrictions here mean no detail can be included without going over word limits.)

1. $870 for Direct Subsidies and Grants to Companies
2. $696 for Business Incentives at the State, County, and City Levels
3. $722 for Interest Rate Subsidies for Banks
4. $350 for Retirement Fund Bank Fees
5. $1,268 for Overpriced Medications
6. $870 for Corporate Tax Subsidies
7. $1,231 for Revenue Losses from Corporate Tax Havens

Overall, American families are paying an annual $6,000 subsidy to corporations that have doubled their profits and cut their taxes in half in ten years while cutting 2.9 million jobs in the U.S. and adding almost as many jobs overseas. This is more than an insult. It's a devastating attack on the livelihoods of tens of millions of American families. And Congress just lets it happen."

*http://www.commondreams.org/view/2013/09/23