sadstateticker:
Senator Tom Coburn, a Republican from Oklahoma, has once again broken with his party’s dogma, this time with a new report — “Subsidies of the Rich and Famous.” It convincingly argues that there’s real revenue to be netted to help wrestle down the deficit if Congress dared to crack down on indefensible boons for the top brackets.
Source — Required Reading From Senator Coburn
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
Source — Tom Coburn: $30 Billion In Millionaires Aid Is ‘Sheer Washington Stupidity’
Related stuff here, from Talking Points Memo (includes access to the report itself).
I really don’t like Dr. Coburn much … but in this case it’s hard to disagree with him. Now, if he could work on the social conservatism crap and general asshattery, I could probably find it easier to tolerate him.
A commenter at the story using the handle “Chesire” points out — and this isn’t some trolly comment, I think it merits some attention — that Coburn’s report has the potential for some big unintended consequences:
Be very careful, this smells like an opening to means testing, which ends up giving the wealthy valid reason to demand the right to opt out of things like SS, which then will be used as a lever to privatize it, which will be the death knell for the cornerstone of the New Deal.
It’s something to think about.
I will NEVER tolerate Oklahoma’s other Senator, James Inhofe. It is long past time for him to be gone.
reblogged for truth.
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