Subsidies for the rich

Written by Middle Class Economist Wednesday, 26 October 2011 09:24
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Dirt Diggers Digest has a good post up about how various members of the Forbes 400 have received plenty of government subsidies. Echoing Elizabeth Warren, Phil Mattera writes:

Accumulating a great fortune requires, among other things, a legal system oriented to property rights, a tax system biased in favor of investment income, and government spending on infrastructure ranging from interstate highways to the internet.

He gives numerous examples of how the 1% have received subsidies on top of these general government provisions.

Microsoft received $32 million in Texas for a data center in Bexar County.

Warren Buffett's General Re, an insurance company owned by Berkshire Hathaway, got $28.5 million in various subsidies simply to relocate from one place in Stamford, CT, to another, creating no new jobs. Michael Dell's self-named firm got $242 million (nominal value) from North Carolina for a computer manufacturing facility which closed less than five years later.

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Last modified on Wednesday, 26 October 2011 14:30

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