Big money in politics corrupts our democracy—at taxpayer expense, and 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. The items identified here come to almost $6,000 per person, per year. Elimination of just these rotten fruits of big money in politics would be enough to raise a 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.
Fossil fuel interests have won direct and indirect subsidies as calculated by International Monetary Fund (see this also).$1,966
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Wealthy elites have won lower tax rate for dividends and capital gains compared to wages.$1,919
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Health insurance industry holds onto excess profits. Medicare pays out 98% of revenue in health benefits while private insurance pays 85%.$1,161*
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Pharma influence has raised U.S. drug prices much higher than in 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 influence won a lowered corporate tax rate of 21% as well as subsidies that drop actual 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 than this! The $2 trillion listed here does not include:
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*A January, 2020 article in the Washington Post estimates the excess cost of our health care system at $8,000 per person.
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