Rich Folks And Government Subsidies

The wealthy get handouts, too, via Mark Thoma:

Accumulating a great fortune requires, among other things, a legal system oriented to property rights, a tax system biased in favor of investment income, and government spending on infrastructure ranging from interstate highways to the internet.

 He gives numerous examples of how the 1% have received subsidies on top of these general government provisions. Bill Gates' Microsoft received $32 million in Texas for a data center in Bexar County. Warren Buffett's General Re, an insurance company owned by Berkshire Hathaway, got $28.5 million in various subsidies simply to relocate from one place in Stamford, CT, to another, creating no new jobs. Michael Dell's self-named firm got $242 million (nominal value) from North Carolina for a computer manufacturing facility which closed less than five years later.

Not that this is extremely surprising, but with the myth of the self-made man going so strong, people ought to remember this.  It has become de rigour that businesses should get tax credits on any new investment.  I find this trend to be self-defeating for taxpayers.  In essence, we are paying for jobs.