The Entitlement mentality does seem to be gripping our nation at this point. Personal responsibility seems pretty much out the window now. But can we or should we afford 'Generation Gimme?'
If by "generation Gimmie" you mean the top 1 percent who are making money hand over fist and screaming for more tax cuts, no, we can't afford them.
Now that is a truism that seems to get looked over by some folks. But not Senator Tom Coburn (R-OK).
End welfare for the wealthy
The debate in Congress this week about whether to pay for extending the payroll tax cut by imposing a new tax on millionaires will have nothing to do with solving our nation's economic challenges and everything to do with election-year politics. Senate Democratic leaders have already signaled they will use the debate as a purely partisan exercise designed to embarrass Republicans into opposing tax cuts for the poor while defending tax cuts for the rich.
I intend to offer an alternative. Instead of punishing the rich with higher taxes, I will give Congress the option of helping pay for extending the payroll tax cut by ending welfare to the wealthy.
Every year, politicians on both sides engage in a process of reverse Robin Hood in which they steal $30 billion from low- and middle-income Americans and provide handouts to the rich and famous.
Millionaires receive tax earmarks and deductions crafted by both parties that allow them to write off billions each year. These write-offs include mortgage interest deductions on second homes and luxury yachts, gambling losses, business expenses, electric vehicle credits and even child care tax credits.
Meanwhile, direct handouts for millionaires have included $74 million in unemployment checks, $316 million in farm subsidies, $89 million for preservation of ranches and estates, $9 billion in retirement checks and $7.5 million to compensate for damages caused by emergencies to property that should have been insured. Millionaires have even borrowed $16 million in government-backed education loans to attend college since 2007.
End welfare for the wealthy - CNN.com
For Coburns report on the breakdown go to;
http://coburn.senate.gov/public//in...&File_id=544ae3e7-195b-40ad-aa84-334fdd6a5e1f