Video - South Carolina State Senator Tom Davis on corporate lobbying - April 24

Outstanding clip.

DAVIS: You’ve got leadership in the House, Republican and Democrat, leadership in the Senate, Republican and Democrat that are presiding over this ballooning in special deals that are given away to corporations. And the numbers don’t like: $34 million dollars worth of targeted “tax credits” back in 1998 to corporations who lobbied for them has ballooned to $523 million in 2008 and this year it has ballooned to over a billion dollars. We’re not a big state. Our general fund is $5.1 billion dollars. And with a $5.1 billion dollar general fund budget, we’re giving away one billion dollars in tax credits to targeted industries that have lobbyists that are going to lobby for them? Somebody pays that bill, and there’s no free lunch. Who pays the bill are those folks out there that don’t have the power to hire lobbyists. [...]

FANG: The Tea Act that kind of sparked the revolution was actually a specialized tax cut for the East India Trading Company and it basically pushed the price of American imported tea out of the market. And it seems very similar to what you’re saying here.

DAVIS: And the Tea Party was about 1773. Here we are in the year 2011 and we’re still talking about politicians passing out special tax breaks to help--

FANG: To big corporations, like the East India Trading Company was a British corporation.

DAVIS: Oh yeah. It’s absolutely crazy. And its not the free market and its not what made our country great. Our country has been because we’ve counted on individuals taking risks, saving money, working hard. Now, it’s large corporations that have access to lawmakers that get huge tax breaks and there’s no way that the little guy can compete.

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