12 Top U.S. Corporations Spent $1 Billion to Maintain Tax Breaks, Corporate Loopholes

Washington, D.C.--Twelve top U.S. corporations known as corporate tax dodgers spent over $1 billion in political money over the past decade to help maintain their tax breaks and corporate loopholes, according to a new report by campaign finance watchdog Public Campaign.

“Everyone in Washington uses the buzzwords ‘shared sacrifice’ but the billion dollars in campaign contributions and lobbying expenses made by these corporate tax dodgers means that they don't sacrifice, in many cases, one thin dime,” said David Donnelly, national campaigns director for Public Campaign. “And everyday Americans without millions to spend on lobbying and campaign cash foot the bill.”

The report’s findings were echoed on Capitol Hill, where many lawmakers are concerned about the pervasive corporate special interest influence in the deficit and budget debate.

"If they want to invest in our government, let big corporations pay their fair share of taxes rather than paying for politicians who'll write them special tax breaks," said Congresswoman Chellie Pingree (D-Maine). "It's time to get corporate money out of politics and put elections back in the hands of ordinary Americans."

The report, “The Artful Dodgers,” shows that 12 major American companies from different sectors of the economy—oil companies, banks, transportation firms, and telecommunications and technology companies—have over the past decade spent more than $1 billion on campaign contributions (through their political action committees and executives) and lobbying fees to influence the policy debate on Capitol Hill. Many of them have, in return, been required to pay little to no taxes after raking in billions in profits. Bank of America, for example, received $163 billion in taxpayer bailouts and guaranteed loans, made $4.4 billion in profits in 2010, and received a $1.9 billion tax rebate. It’s political action committee (PAC) and employees have spent $11 million on campaign contributions in the past decade and $24 million on lobbying.

The full report is available online at www.publicampaign.org/reports/artfuldodgers.  

Last week, Rep. Pingree, along with Reps. John Larson (D-Conn.) and Walter Jones (R-N.C.), introduced the Fair Elections Now Act (H.R. 1404), legislation that would ensure politicians were accountable their constituents—and not the big tax dodging corporate interests that currently fund campaigns. With Fair Elections, candidates could run competitive campaigns for office by relying on small dollar contributions from people back home, freeing them to make decisions based on what’s right, not what will affect their campaign bank account. Sen. Dick Durbin (D-Ill.) introduced companion legislation in the Senate.