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Five top U.S. corporations racked up millions in profits last year and paid no federal taxes. They spent money instead on political campaigns and it was money well spent. Over the last decade, Bank of America, Boeing, Chevron, ExxonMobil and General Electric handed out $78.7 million to state political campaigns and $45.3 million to federal campaigns, according to a report released Wednesday by the National Institute for Money in State Politics. In return, the corporations in 2009 won $3.7 billion in tax breaks overall and paid $0 in federal taxes. They enjoyed a combined profit of $77.16 billion in 2010.
Political campaign spending, you might say, is trending through the roof, and not just on the federal level. State politicians and political issue committees are raising historic sums, according to a study released today by the National Institute on Money in State Politics. And the spending works. Incumbent lawmakers raise more money than their opponents and they win 95 percent of the time. In 2004, Colorado politicians and committees spent $20 million winning and losing votes. In 2008, they spent $85 million.
DENVER-- More than a hundred people gathered at a rally convened on the west steps of the capitol today to urge Colorado lawmakers to oppose federal health reform and to launch a state ballot initiative that aims to exempt Colorado from any version of the health legislation set to pass through Congress in the coming weeks. The move here reflects related efforts in states across the country.