Corporate Socialism: Tax Exempt Bonds

Tax exempt bonds are a big perk for business - something formerly the province of public works.  

Corporate socialism rears its ugly head again.

In all, more than $65 billion of these bonds have been issued by state and local governments on behalf of corporations since 2003, according to an analysis of Bloomberg bond data by The New York Times. During that period, the single biggest beneficiary of such securities was the Chevron Corporation, which issued bonds with a total face value of $2.6 billion, the analysis showed. Last year it reported a profit of $26 billion.

 

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