Big money in politics corrupts our democracy—at your expense
96% of Americans are concerned about its corrosive effects:
- Multinational corporations and wealthy individuals spend billions on political campaigns, much of it untraceable.
- Corporate lobbyists write legislation governing the industries they represent. Congress rubber-stamps it, and the rest of us foot the bill.
- Voter suppression reduces the power of minority and younger citizens, and keeps working people divided.
- If reasonable regulations get through Congress, judges strike them down on the grounds of corporate Constitutional rights.
The six items identified here cost taxpayers nearly $6,000 per person, per year. Eliminating just these few corrupt benefits of campaign funders would raise the typical 2.5-person-household income from $63,000 to almost $78,000—a 24% increase.
Each item is listed with its approximate per person toll in 2019:
Fossil fuel interests reap direct and indirect subsidies as calculated by the International Monetary Fund (see this too).$1,966 |
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Wealthy elites gain from a lower tax rate on dividends and capital gains, compared to wages.$1,919 |
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The health insurance industry keeps excess profits. Medicare pays out 98% of its revenue in health benefits, while private insurance pays out 85%.$1,161* |
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Pharma influence wins sky-high drug prices in the U.S., compared to other wealthy nations.$350 |
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Individuals and corporations make big campaign donations and hide wealth in foreign tax havens.$337 |
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Business lobbying gained a lowered corporate tax rate of 21% along with subsidies that drop the average-tax-rate paid to only 11%.$225 |
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Sum of items in this partial list of corrupt subsidies and corporate welfare:$5,958 per person |
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It’s even worse! This $2 trillion total taxpayer cost does not include:
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Low wages and union busting
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Failure to regulate banks and corporate monopolies
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Unnecessary healthcare treatments and other medical cost run-ups*
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$6 trillion in Mideast wars alone, plus war-related human suffering
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Corrupt weapons and military contracts
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Inheritance-tax reductions over the past 20 years and loopholes on capital gains for heirs
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No FICA tax for the wealthy above $132,900 for 2019
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State and local corporate giveaways
* The Washington Post estimated excess costs of the U.S. healthcare system at $8,000 per person in January, 2020.