Finally Some Agreement: Get Corporations Off the Dole
These days it seems like our political discourse has become more polarized. However, there are some issues we all can agree on. Corporate welfare, the practice of subsidizing big business at the expense of everyone else, is one of those issues. This week, the American Federation of State, County and Municipal Employees (AFSCME) published a piece blasting big business for accepting generous corporate welfare packages.
From the release:
Boeing, a top recipient of federal grants, tax credits, loans, loan guarantees and bailout assistance, received more state and local subsidy money than any other company. In 2013, Boeing got the largest tax break awarded to a single company in any state’s history: $8.7 billion, an enticement for the company to build its 777X plane in Washington state. The company told state lawmakers it would pursue other options if it didn’t receive a sweet deal from the Legislature, along with concessions from workers.
My colleagues at the Show-Me Institute have written about corporate welfare packages directed at Boeing before. See Exhibit B:
- Outrageous: After Denying You Tax Cuts, State Officials Return Monday To Give Boeing One Instead
- The Finer Details Of The Boeing Incentive Package
- Education Establishment On Boeing Tax Subsidies: Crickets
- It’s Official: Boeing To Keep 777X Construction In Washington State
With free-market think tanks and government unions both critical of corporate welfare, it’s surprising that the states haven’t done a better job of addressing issues like TIFs, tax credits, tax abatements, enterprise zones, public stadium funding, et cetera.
Depending on who you ask, Missouri is one of the top states in corporate welfare. I hope we can all agree: This needs to change.
