Big business cleans up on incentives

From Good Jobs First.

Three-quarters of all the economic development dollars awarded and disclosed by state and local governments throughout the United States have gone to just 965 large corporations.

Some of these big recipients, such as Boeing (at more than $13 billion) are well known for aggressively seeking tax breaks by pitting states against each other for jobs. However, 16 other companies, many less intuitive, have received awards totaling more than $1 billion, often to subsidiaries with names bearing no similarity to their corporate parents.

Warren Buffett’s Berkshire Hathaway, for example, has received 310 subsidy awards totaling $1.06 billion to subsidiaries with names such as Geico, NetJets, Nebraska Furniture Mart, General Re Corporation, Lubrizol Advanced Materials, and Webb Wheel Products.

These are the key findings in Subsidizing the Corporate One Percent, a report published today by Good Jobs First summarizing information brought to light by an extensive enhancement of GJF’s Subsidy Tracker database.

Good Jobs First is a non-profit, non-partisan research center in Washington, DC focusing on economic development accountability. The report and the database can be found at www.goodjobsfirst.org/subsidizingthecorporateonepercent.