Corporate welfare study breaks down $110 billion in subsidies

By AlternativeFreePress.com

“Subsidizing the Corporate One Percent” breaks down $110 billion in corporate welfare and highlights how big business is being propped up and bailed out, while the middle class disappears. The study details several layers of holding companies, shell firms and ownership agreements.

Good Jobs First discovered that $110 billion — 75% of cumulative disclosed subsidy dollars — are going to just 965 large companies.

This report is detailed, but also highlights the inconsistent quality of state and local disclosure as the award numbers include some for which no dollar amount has been disclosed.

Dow Chemical was awarded 416 subsides. Following it are Berkshire Hathaway (310), General Motors (307), Wal-Mart Stores (261), General Electric (255), Walgreen (225) and FedEx (222). Cumulatively, Boeing, has received more than $13 billion.

These 965 corporate welfare bums averaged 26 subsidies each and the average total dollar amount (from awards for which this information is disclosed) is $102 million.

1 Boeing
$13,174,075,797
137
2 Alcoa
$5,635,305,059
91
3 Intel
$3,867,492,085
58
4 General Motors
$3,494,237,703
307
5 Ford Motor
$2,522,304,454
173
6 Fiat
$2,060,988,039
93
7 Royal Dutch Shell
$2,038,202,298
66
8 Nike
$2,024,582,002
23
9 Nissan
$1,799,585,041
25
10 Cerner
$1,732,784,334
15
11 Cheniere Energy
$1,693,646,504
10
12 Dow Chemical
$1,408,228,374
416
13 ArcelorMittal
$1,338,284,411
58
14 Advanced Technology
Investment
$1,224,997,961
4
15 Berkshire Hathaway
$1,063,809,399
310
16 Toyota
$1,051,586,557
77
17 IBM
$1,026,845,249
208
18 Delta Air Lines
$869,754,989
7
19 Texas Instruments
$727,848,327
39
20 Pyramid Companies
$703,596,595
15
21 Goldman Sachs
$661,979,222
28
22 Volkswagen
$657,778,311
14
23 JPMorgan Chase
$653,474,481
133
24 Hyundai Motor
$649,041,683
7
25 Google
$632,044,922
26
26 Teck Resources
$597,871,991
5
27 Mayo Clinic
$585,000,000
1
28 Forest City Enterprises
$582,389,708
37
29 Clean Coal Power Operations
$550,000,000
1
30 Sematech
$550,000,000
3
31 Scripps Research Institute
$545,000,000
1
32 Daimler
$544,749,000
42
33 Nucor
$534,974,717
46
34 Sears
$534,616,673
54
35 Silver Lake
$482,025,256
85
36 FedEx
$456,750,126
222
37 NRG Energy
$449,990,674
49
38 Apple
$446,485,233
6
39 Honda
$438,179,224
38
40 McEagle Properties
$430,650,000
5
41 Cornell University
$400,000,000
1
42 Shin-Etsu Chemical
$398,842,605
40
43 Severstal
$396,013,300
26
44 General Electric
$394,212,107
255
45 Onex
$388,603,757
118
46 Walt Disney
$381,525,727
36
47 Mitsubishi Group
$379,243,036
42
48 Morgan Stanley
$366,284,480
47
49 Triple Five Worldwide
$358,000,000
2
50 Michelin
$357,416,880
46
51Community Health Systems
$355,703,779
94
52 Aker Philadelphia Shipyard
$350,000,000
1
53 H&R Block
$341,317,824
9
54 Exxon Mobil
$340,271,846
71
55 United Continental
$337,081,638
20
56 Amazon.com
$330,756,147
39
57 LG
$327,082,717
14
58 Duke Energy
$325,877,242
15
59 Revel AC
$323,000,000
2
60 Samsung
$317,148,838
17
61 Huntington Ingalls
Industries
$312,056,400
5
62 Weyerhaeuser
$300,575,457
92
63 Orca Bay Seafoods
$296,849,235
6
64 Jackson Laboratory
$291,000,000
1
65 Anschutz Company
$290,000,045
4
66 Areva
$289,116,137
13
67 Citigroup
$286,228,767
64
68 Sasol
$279,262,538
27
69 Peabody Energy
$278,095,289
22
70 Electrolux
$278,068,356
19
71 ConAgra Foods
$271,306,014
145
72 Nestle
$264,262,725
163
73 General Dynamics
$262,528,332
84
74 Valero Energy
$262,298,522
54
75 Yahoo
$261,078,455
17
76 Eli Lilly
$258,216,376
15
77 BMW
$254,326,405
13
78 Orascom Group
$251,000,000
1
79 UBS
$247,608,178
11
80 Cabela’s
$247,189,539
16
81 Wacker Chemie
$241,325,051
34
82 Comcast
$239,337,579
62
83 Sanford-Burnham Institute
$233,600,000
2
84 Virdia
$230,000,000
1
85 Prudential Financial
$225,734,997
30
86 International Paper
$222,836,793
196
87 Baxter International
$212,892,487
20
88 Pfizer
$210,072,210
123
89 Johnson Controls
$210,010,267
106
90 Caterpillar
$208,982,443
127
91 Blackstone
$203,193,594
141
92 Convergys
$199,690,351
21
93 Triumph Group
$196,342,629
57
94 Max Planck Florida Institute
$193,000,000
2
95 Goodyear Tire & Rubber
$190,432,390
118
96 CME Group
$188,000,000
6
97 Simon Property
$187,000,000
2
98 Summit Power
$183,221,842
2
99 CA Inc.
$181,258,193
20
100 Bank of America
$179,959,106
119

Sources for this article:
1. Subsidizing the Corporate One Percent: Subsidy Tracker 2.0 Reveals Big-Business Dominance of State and Local Development Incentives by Philip Mattera http://www.goodjobsfirst.org/sites/default/files/docs/pdf/subsidizingthecorporateonepercent.pdf

Written by Alternative Free Press
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Corporate welfare study breaks down $110 billion in subsidies by AlternativeFreePress.com is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

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