republican:$30 Billion In Millionaires subsidies"Stupidity"

WASHINGTON -- Millionaires are receiving billions in taxpayer-funded support every year that helps them pay for everything from child care to bad debts to boats and vacation homes, according to a report released Monday by Sen. Tom Coburn.

People who individually earned more than a million dollars in 2009 even managed to collect a total of nearly $21 million in unemployment insurance.

"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," wrote Coburn, an Oklahoma Republican, in an accompanying letter. "Multimillionaires are even receiving government checks for not working. This welfare for the well-off -- costing billions of dollars a year -- is being paid for with the taxes of the less fortunate."

Calling the giveaways "sheer Washington stupidity," Coburn detailed in the study more than $30 billion a year that comes out of the U.S. Treasury to aid people who make more than a million a year.

Coburn totaled up all the federal money for millionaires over several years that his office could find. Among the handouts for the well-heeled are:

•$18.15 million in child care tax credits
•$74 million in unemployment checks
•$89 million for preservation of ranches and estates
•$316 million in farm subsidies
•$608 million in business entertainment deductions
•$9 billion in retirement checks
•$21 billion in gambling losses
•$28 billion in mortgage breaks for mansions, vacation homes and yachts
http://www.huffingtonpost.com/2011/...illion-millionaires-tax-breaks_n_1092692.html

 

The benefits you listed apply to everyone.

The original purpose was to offer tax relief to help citizens buy the goods and services of the respective industries.

If was never, as Huff leads on, a gift to the wealthy.
Problem with tax incentives is it goes only to those who pay taxes.

Had anyone thought that 48% of people would pay no federal taxes these programs would never be in place.

Right now the wealthy pay a huge amount of the federal tax that any tax reform will natural benefit them.

The days of Government economic engineering are over.

 

I predict that even if every Christian and republican on the planet suddenly fell off the face of the earth you'd still be a miserable prick.