Government subsidies can have a very positive effect. Think miracle drugs, the computer and internet. However, some could use scrutiny.
Take Elon Musk, who has received $4.9 billion in subsidies, is worth $266 billion and some years paid little or no taxes. Or Jeff Bezos, who is worth $198 billion. In 2018 due to the Trump tax cuts, Amazon paid no taxes while receiving a $129 million tax rebate. Amazon has received $4.1 billion in taxpayer subsidies during the past 10 years that helped build its monopoly.
Subsidies should assist new innovations or struggling industries, but should not help billionaires build monopolies. Maybe the American taxpayer should receive interest on subsidies just like a bank receives interest from its borrowers.
Then there are companies like Comcast, which has received state, local and federal subsidies of billions over many decades. In that time, it has gobbled up other cable and related companies to become a giant corporation. Comcast chose company growth rather than affordable cost for its services. If you object to Comcast’s price gouging, maybe it is time for cable to be treated as a utility. Maybe Americans should be, in some small way, compensated for the profitable use of its taxes just like a royalty on a patent.
Julia Bojalad
North Huntingdon