A comprehensive analysis revealed that Trump’s spending legislation created $40 billion in fresh subsidies for oil, gas, and coal companies over the next decade, representing the largest single-year increase in fossil fuel support since 2017. The law dramatically expands carbon capture tax …
Donald TrumpHarold HammKelcy WarrenFossil Fuel Industryregulatory-capturefossil-fuel-subsidiesclimate-corruptioncorporate-welfare
After taking a 10% equity stake in Intel worth $8.9 billion, the government waived performance benchmarks and accountability requirements despite Intel receiving over $11 billion in total federal support through CHIPS Act grants and additional programs. The benchmark waiver eliminates standards that …
TrumpIntelDepartment of Commercestate-capitalismcorporate-welfareCHIPS-Actaccountabilitycrony-capitalism
Amazon announced on November 13, 2018 that it would split its HQ2 project between Long Island City in Queens, New York and Crystal City in Arlington, Virginia (rebranded as “National Landing”). While Amazon claimed the combined subsidies totaled approximately $2.8 billion, analysis by …
AmazonJeff BezosAndrew CuomoBill de BlasioGood Jobs Firstcorporate-welfareeconomic-extractionbillionaire-impunitywealth-extraction
Seattle’s City Council unanimously passed a “head tax” on large employers on May 14, 2018, taxing companies earning $20 million+ annually at $275 per full-time employee to fund affordable housing and homeless services. Amazon—with 45,000 Seattle employees and facing a $12 million …
AmazonJeff BezosWashington PostSeattle City CouncilJenny Durkanmedia-capturecorporate-welfaretax-avoidancelocal-politicseditorial-capture
Amazon paid zero federal income tax for the second consecutive year despite nearly doubling its U.S. profits to $11.2 billion in 2018. Beyond avoiding all federal taxes, Amazon actually received a $129 million tax rebate from the federal government—yielding a negative 1% effective tax rate. This …
AmazonJeff BezosInstitute on Taxation and Economic Policytax-avoidancecorporate-welfarewealth-extractionbillionaire-impunity
Amazon announced in September 2017 that it would build a second headquarters (HQ2) equal to its Seattle campus, sparking a bidding war among 238 North American cities desperate to win 50,000 promised jobs. Cities competed to offer the largest subsidy packages—with bids averaging $6.75 billion from …
Amazon reported $5.6 billion in U.S. profits for 2017 yet paid zero federal income tax, according to an analysis by the Institute on Taxation and Economic Policy (ITEP). The company used various tax credits and deductions—particularly tax breaks for executive stock options—to completely eliminate …
AmazonJeff BezosInstitute on Taxation and Economic Policytax-avoidancecorporate-welfarewealth-extractionbillionaire-impunity
Congress included $120 million for Abrams tank upgrades in the FY2015 National Defense Authorization Act, marking the third consecutive year lawmakers overrode Army leadership requests to suspend tank production—the first such production halt proposed since World War II. Representative Mike Turner …
General DynamicsMike TurnerRay OdiernoRob PortmanSherrod Browncongressional-corruptiondefense-contractorsmilitary-spendinggeneral-dynamicscorporate-welfare+1 more
Congress approved $255 million to upgrade M1 Abrams tanks through 2014 despite explicit Army testimony that it had ceased ordering tanks and wanted to save billions by halting production to develop next-generation armor. The appropriation represented a direct override of military leadership by both …
General DynamicsRob PortmanSherrod BrownRay OdiernoMike Turner+1 morecongressional-corruptiondefense-contractorsmilitary-spendinggeneral-dynamicscorporate-welfare+1 more