Dispatches from the Culture Wars reports:
“By employing a plethora of tax-dodging techniques, 30 multi-million dollar American corporations expended more money lobbying Congress than they paid in federal income taxes between 2008 and 2010, ultimately spending approximately $400,000 every day — including weekends — during that three-year period to lobby lawmakers and influence political elections, according to a new report from the non-partisan Public Campaign.
Despite a growing federal deficit and the widespread economic stability that has swept the U.S since 2008, the companies in question managed to accumulate profits of $164 billion between 2008 and 2010, while receiving combined tax rebates totaling almost $11 billion. Moreover, Public Campaign reports these companies spent about $476 million during the same period to lobby the U.S. Congress, as well as another $22 million on federal campaigns, while in some instances laying off employees and increasing executive compensation.”
To put these numbers in perspective, these corporations spent three times as much lobbying for preferential treatment as they paid in taxes.