Coburn: End ‘Welfare For The Well-Off’

Discussion in 'Politics' started by kiwiman127, Nov 15, 2011.

  1. kiwiman127
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    kiwiman127 Comfortably Moderate Supporting Member

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    Sen. Tom Coburn (R-OK) thinks it’s time America’s millionaires pay their fair share.

    And in a new report — titled “Subsidizing the Rich and Famous” — Coburn makes an argument for closing loopholes for millionaires. “From tax write-offs for gambling losses, vacation homes, and luxury yachts to subsidies for their ranches and estates, the government is subsidizing the lifestyles of the rich and famous,” Coburn writes in the report. “This welfare for the well-off — costing billions of dollars a year — is being paid for with the taxes of the less fortunate, many who are working two jobs just to make ends meet, and IOUs to be paid off by future generations.”

    In total, Coburn’s report claims that millionaires receive $30 billion in benefits from tax giveaways and federal grant programs every year. Almost 1,500 millionaires didn’t pay income tax in 2009, according to the report. The report further breaks down the numbers: $74 million of unemployment checks, $316 million in farm subsidies and $16 million in government-backed loans for college
    .
    Coburn: End ‘Welfare For The Well-Off’ | TPMDC

    And from a LA Times article:
    "Among the most egregious offenses of "reverse Robin Hood" handouts: $20.8 million in unemployment insurance paid to millionaires in 2009; $16.4 million in subsidized student loans for millionaire college students from 2007 to 2010; $27.7 billion in mortgage interest deductions for millionaires".
    Sen. Tom Coburn targets 'welfare for the well-off' in new report - latimes.com

    I have seen many a post describing those who live in poverty, working Americans that don't make enough in wages to pay taxes, the unemployed and others using government programs as leeches. Well it appears we have the top percentile also living off the government!

    I'm with Coburn, this welfare to the wealthy has to stop and the same goes for corporate welfare to highly profitable companies.

    Discuss.
     
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  2. Mr. H.
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    Mr. H. Diamond Member

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  3. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    Americans are the richest 5% of the world. We are all the well-off.

    Hence, we should end welfare/subsidies, etc for everyone.

    Let's get back to what America really means: Liberty to choose your own destiny.
     
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  4. Flopper
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    Flopper Gold Member

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    Strange statements from Colburn. Maybe he's switching parties.
     
  5. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    And why would that be when Conservatives have long opposed government handouts for everyone?
     
  6. Old Rocks
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    Old Rocks Diamond Member

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    I think that Senator Coburn realizes the depth that the subjects brought up by the OWS people are resonating with the American Public, and wants to be on the right side as this comes down on November 2012.
     
  7. Old Rocks
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    Old Rocks Diamond Member

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    Really?

    The Conservative Nanny State
     
  8. Lakhota
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    Lakhota Diamond Member

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    I agree.
     
  9. Lakhota
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    Lakhota Diamond Member

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    More: Tom Coburn: $30 Billion In Millionaires Aid Is 'Sheer Washington Stupidity'

    Report: Subsidies of The Rich and Famous
     
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  10. eflatminor
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    eflatminor Classical Liberal

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    $30 billion eh? Gosh, that's like 7 days of federal expenditures. Problem solved!

    That said, if we're going to have an income tax, I agree we should eliminate all the tax loopholes and make EVERYONE pay.
     

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