Taxes and the Katrina Tragedy

Greg LeRoy. 2005. The Great American Jobs Scam: Corporate Tax Dodging and the Myth of Job Creation (San Francisco: Berrett-Koehler) reports that credible sources estimate that corporations extract $50 billion per year in state and local government subsidies designed to lure businesses or keep them from moving away.

$50 is smaller than the estimated $100 billion losses from Katrina, but it is an annual figure. Coupled with the massive state and federal corporate tax cuts, we should not be surprised that national infrastructure is deteriorating.

Remember Clinton’s initial promise to get the country moving by spending $19 billion to develop the infrastructure. That proposal went the way of gays in the military.

The big problem is if we keep cutting taxes how we be able to afford keeping Halliburton afloat.

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