Fix the Debt, the unserious coalition of CEOs and corporations who are lobbying to cut Social Security, Medicare and Medicaid while increasing tax breaks for their companies to send jobs overseas, have spent nearly $1 billion in lobbying and campaign contributions during the past four years, according to a new Public Campaign study.
The study, "Un-Shared Sacrifice: How ‘Fix the Debt’ Companies Buy Washington Influence & Rig the Game," highlights the following points about Fix the Debt:
- The 95 companies that make up the “Fix the Debt” coalition have spent nearly $1 billion over the past four years on lobbying and campaign contributions.
- Twenty-two publicly traded companies that are members of the coalition have spent more on lobbying in the past three years than they have on taxes.
- General Electric (GE) is the top influence-spender of these companies. Since 2009, GE, its CEO and political action committee (PAC) have spent a combined $112 million on lobbying and campaign contributions.
- The influence peddling is bipartisan. Fifty-seven percent of the contributions spent by the CEOs and PACs of these companies goes to Republicans and 43% goes to Democrats.
The coalition of companies would receive a $134 billion if Congress accepts its proposal to eliminate taxation of offshore corporate profits (called a “territorial tax system”), which would increase the tax incentives for sending U.S. jobs overseas.