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Financial Industry Collects the Most Government Tax Subsidies

Wednesday, November 09, 2011 By Pat Garofalo, ThinkProgress | Report
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A new Citizens for Tax Justice report detailing how little corporations pay in federal corporate income tax also noted that financial firms receive the highest percentage of federal tax subsidies, collecting nearly 17 percent of the tax largesse that the government hands out. The largest single recipient of federal tax subsidies over the last three years was mega-bank Wells Fargo.

Pat Garofalo

Pat Garofalo is Economic Policy Editor for ThinkProgress.org and The Progress Report at American Progress.

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Financial Industry Collects the Most Government Tax Subsidies

Wednesday, November 09, 2011 By Pat Garofalo, ThinkProgress | Report
  • font size decrease font size decrease font size increase font size increase font size
  • Print

A new Citizens for Tax Justice report detailing how little corporations pay in federal corporate income tax also noted that financial firms receive the highest percentage of federal tax subsidies, collecting nearly 17 percent of the tax largesse that the government hands out. The largest single recipient of federal tax subsidies over the last three years was mega-bank Wells Fargo.

Pat Garofalo

Pat Garofalo is Economic Policy Editor for ThinkProgress.org and The Progress Report at American Progress.