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Political Factoid
The problem of tax breaks going
predominantly to the wealthy is
not just a problem in Congress.
State leaders typically give the bulk
of state economic development tax
breaks to wealthy corporations
(certainly not small businesses).
In Iowa, for example, from
2003 to 2010, the state
gave $809 million*
to some of the most profitable
businesses in the country,
and often out-of-state.
- Valero Energy
- Flint Hill
- Harvest BioFuels
- Swedish steelmaker SSAB
- Rockwell Collins
- Deere and Company
- Wells Fargo
- Nationwide
- DuPont
- All Energy Inc
- Monsanto
- Cargill
- Archer Daniels Midland
- Wellmark Inc.
- etc.
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In contrast, the tax breaks given to low-income
working people in the state was less than
$150 million.
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