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Top Recipients of Federal Tax Breaks Donate to State Campaigns
by Linda Casey, Aug. 31, 2011
The top five recipients of $3.7 billion in federal corporate tax breaks paid $0 in 2009 federal taxes and enjoyed a combined profit of $77.16 billion in 2010. This report reveals that these corporations also gave $78.7 million to state political campaigns and $45.3 million to federal campaigns in the last decade. Follow the money in this analysis to see who's giving to what in state-level campaigns.
This publication was made possible by grants from:
Ford Foundation
Open Society Foundations
Rockefeller Brothers Fund
Sunlight Foundation
Top Recipients of Federal Tax Breaks Donate to State Campaigns
Overview
The top five recipients of federal corporate tax breaks—Chevron Corp, Bank of America, ExxonMobil, General Electric, and Boeing1—gave $78.7 million to state political campaigns and another $45.3 million to federal campaigns2 from 1999 through 2010.
Bill De Blasio, of the New York City Public Advocates office, pointed out that these same five corporations benefited from $3.7 billion in corporate tax breaks in 2009, paid $0 in 2009 federal taxes,3 and in 2010 enjoyed a combined profit of $77.16 billion.4
The following table details the state and federal campaign giving of the five corporations over the past decade. Chevron Corp. contributed ten times more at the state level, the only one of the five whose state giving exceeded their contributions to federal campaigns.
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