Sen. Tom Coburn (R-OK) thinks its time Americas 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, Coburns report claims that millionaires receive $30 billion in benefits from tax giveaways and federal grant programs every year. Almost 1,500 millionaires didnt 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.
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, Coburns report claims that millionaires receive $30 billion in benefits from tax giveaways and federal grant programs every year. Almost 1,500 millionaires didnt 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.
