Social Issues – According to the latest findings of Public Campaign, a non-partisan corporate watchdog organization, 30 massive U.S. corporations paid more money to Congressional lobbyists than they paid in taxes from 2008 – 2010.
The report listed the profitable companies that had lobbying expenditures ranging from $710,000 to a whopping $84.4 million during the period analyzed. Only one of the companies paid federal corporate taxes.
General Electric was classified as being the most prolific offender, spending over $39 million on lobbyists in 2010 alone to firms like Federal Policy Group and Capitol Tax Partners. While that might seem like an exorbitant sum, keep in mind that the titan of energy managed to avoid paying any U.S. taxes in the same time frame, and actually received tax rebates totaling $4.7 BILLION over the three years studied.
PG&E won the silver medal in schmoozing Congress, plunking down $79 million from 2008 – 2010, and outspending GE in 2010 by spending $45.5 million on lobbying last year.
The sole company to actually pay federal income taxes during the period analyzed was FedEx, and even then the amount paid – $37 million – was a fraction of the standard corporate tax rate. During the same time frame FedEx spent $50.8 million on lobbying.
Compiled using data from the Center for Responsive Politics, Citizens for Tax Justice and SEC filings, the Public Campaign report also detailed corporate campaign contributions and executive compensation. In this category, Honeywell took home first place by donating $5.1 million in the three-year period along with ranking second to only GE in executive compensation.
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