In the wake of the president’s triumph, the crony capitalists knew they had to come and kiss the ring. Today they did that.
Representatives from Aetna, Xerox, American Express, Wal-Mart, Honeywell International, General Electric, Dow Chemical, Procter & Gamble, Ford, PepsiCo, IBM and Chevron showed up at the White House just to show our president just how much he is loved by big business and how much they appreciate the subsidies and tax breaks he champions for them. I suggest taking a look at this list closely when considering whether or not you or your firm want to contribute to crony capitalism when you or your firm make purchases.
Who wasn’t invited to the party? Small business. You know, the companies who create 70% of all the jobs in America. It is a jobs council. But hey, no need to have them represented I guess.
(From the Daily Caller)
Seven of the 12 companies represented at today’s meeting benefit directly from a total of 318 federal contracts, bringing in revenues ranging from $218 million to $2.8 billion each year. Another, American Express, received $3.4 billion in taxpayer money through the president’s ill-advised bailouts.
While these big businesses directly benefit from federal spending, they hardly pay taxes. Thanks to million-dollar lobbying campaigns, none of them pay close to the standard 35 percent corporate tax rate, and some reportedly pay as little as 5 percent.
In fact, The New York Times reported that in the 2010 fiscal year General Electric did not pay a single dollar in corporate taxes while making $5 billion domestically and $14 billion worldwide. This occurred as CEO Jeffrey Immelt, who is at the White House today, served as chairman of Obama’s Council on Jobs and Competitiveness.
Immelt famously celebrated Obama’s first election by telling his investors: “The interaction between government and business will change forever. In a reset economy, the government will be a regulator; and also an industry policy champion, a financier and a key partner.”