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$30 BN Gov. subsidy to millionaires

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MoGal

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Has anyone seen Coburn's actual report? Is it available to the public?? Of course, changing this by Congress will not be done...... sigh............

http://www.dailymail.co.uk/news/article-2061591/Springsteen-Bon-Jovi-Ted-Turner-30bn-tax-subsidies-EVERY-YEAR.html#ixzz1doLS48Yo

Over $30bn in tax dollars given to stars like Springsteen, Bon Jovi and Ted Turner in subsidies EVERY YEAR


Last updated at 2:44 PM on 15th November 2011

Millionaires in the United States receive about $30billion annually in government subsidies according to a report released Monday by Senator Tom Coburn.

The 37-page report, dubbed 'Subsidies of the Rich and Famous,' details government payments provided to individuals with annual gross incomes of at least $1million.

Mr Coburn name-drops celebrity recipients in his report, including big players in media, music, and sports.
Stirring up controversy: Senator Tom Coburn released his report today, detailing how people who earn over $1m annually are still receiving government subsidies


Rock star Jon Bon Jovi apparently only paid $100 worth of property taxes in the last fiscal year because he uses the land to raise bees- a move that receieves government subsidies, and was joined by fellow New Jersey-native Bruce Springsteen who got money back for leasing land to an organic farmer.

Both media mogul Ted Turner and former NBA star Scottie Pippen receive farm subsidies for land that they own.

Rather than profiting from his land, famed music producer Quincy Jones- credited with driving Michael Jackson to his success- received a $250,000 award from the National Endowment of the Arts.

These subsidies come through unemployment checks, Social Security payments, farm subsidies and numerous tax credits.

The report notes that in tax year 2009, nearly 1,500 millionaires paid no federal income tax.
Making money: Rocker Bruce Springsteen (left) and former NBA star Scottie Pippen both get money back from the government for land they own


'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,' Mr Coburn wrote 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.'

The report, which compiled government data mostly over the last five years, showed payments to millionaires for programs like Social Security, unemployment and farm subsidies totalled about $1.6 billion annually.
Singing the government's praises: Producer Quincy Jones (left) won a monetary award and Jon Bon Jovi (right) got a tax deductible on his land

News maker: Former head of CNN, Ted Turner gets tax money back from his land ownings

The bulk of the government spending comes from tax credits for deductions like mortgage interest, rental expenses, cancelled debt and business entertainment expenses totalled $28.5billion annually, according to the report.

'What (the report) reveals is sheer Washington stupidity, with government policies pampering the wealthy costing taxpayers billions of dollars each year,' Mr Coburn wrote.

The report noted that from 2005 to 2009, millionaires collected more than $74million in unemployment insurance benefits, according to figures from the Internal Revenue Service.

A fierce critic of what he calls out-of-control federal spending, Mr Coburn was a member of the bipartisan 'Gang of Six' senators during debate over the debt ceiling this summer.

He supported an alternative plan to cut the deficit by almost $4trillion over the coming decade through a combination of budget cuts and increased revenue through changes to the tax code.

Mr Coburn also released a 614-page plan dubbed 'Back in Black' in July that outlined how the government could slash $9 trillion from the federal deficit over the next decade.

Among the recommendations in his latest report are reducing or completely eliminating Social Security and unemployment payments to millionaires, along with the elimination of farm and conservation subsidies, and the development of means-testing for other government programs.

He also suggests reducing or ending many of the tax deductions and credits for millionaires, including the mortgage interest deduction
Luxury: This beach house, featured in the original 90210 television series could receive mortgage interest rate deductions if listed with the IRS as a second home

Luxury: This beach house, featured in the original 90210 television series could receive mortgage interest rate deductions if listed with the IRS as a second home
 

Steve

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hopefully all this will get looked at and dealt with...

what is noticeable is that many of the wealthy liberals take the credits, exemptions and then whine about taxes not being raised,..

is it because they know that no matter how much you raise the taxes they can afford to still not pay them by hiring expensive accountants to find more credits and more loopholes to exploit.. .

I say take each loophole, examine it's purpose and if it's purpose can't be found or narrowed then close it..

it really isn't that hard to do.....

but instead they spend months wasting time and arguing to make political points..
 

Faster horses

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And we have a Super Committee that can't agree on anything......good
golly Miss Molly.......there are places to cut everywhere. I did see
where they were considering cutting off money to the Endowment
of the Arts..........DUH........that would be a great place to start!
A lot of JUNK there that has been funded for way too long!!

Too much talk and not enough action. I'm beginning to think
this country is DOOMED. :cry:
 

okfarmer

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Starts with stopping the what can you do for me attitude, and getting back to what can we do for our country. And getting the control out of the fed and the ability to make money from political decisions.
 

TSR

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Did anyone see the guy on C-Span (himself a millionaire) representing a large group of millionaires wanting their taxes raised?? An engineer from my home state called in and said he paid more taxes when he was making 60K a year than after he started his own firm when he became a millionaire. :???: Btw the guest said that those millionaires that wanted to "hide" their earnings overseas should leave the country and go live where their money was, as America didn't need their kind of patriotism,especially in this time of need. It was really quite interesting to hear the millionaires that called in saying they wanted to pay more taxes.
 

hypocritexposer

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TSR said:
Did anyone see the guy on C-Span (himself a millionaire) representing a large group of millionaires wanting their taxes raised?? An engineer from my home state called in and said he paid more taxes when he was making 60K a year than after he started his own firm when he became a millionaire. :???: Btw the guest said that those millionaires that wanted to "hide" their earnings overseas should leave the country and go live where their money was, as America didn't need their kind of patriotism,especially in this time of need. It was really quite interesting to hear the millionaires that called in saying they wanted to pay more taxes.


did youu also see the interview where the reporter showed them the Treasury website where they could donate towards the debt?

They all refused to make a donation
 

TSR

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Your reply kinda reminds me of the old fella watching the first steam locomotive as it was being assembled. He said "That thing will never run down those tracks". He repeated this phrase time and time again during the long assembly process. Finally assembly was complete and as it started chugging down the tracks, the old fella said, "They will never get that contraption stopped". :)

Just how many people do you think would voluntarily give their fair share if there was no gov't tax system??? Geesh.
 

Mike

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TSR said:
Did anyone see the guy on C-Span (himself a millionaire) representing a large group of millionaires wanting their taxes raised?? An engineer from my home state called in and said he paid more taxes when he was making 60K a year than after he started his own firm when he became a millionaire. :???: Btw the guest said that those millionaires that wanted to "hide" their earnings overseas should leave the country and go live where their money was, as America didn't need their kind of patriotism,especially in this time of need. It was really quite interesting to hear the millionaires that called in saying they wanted to pay more taxes.
Yet they still hire high dollar accountants to calculate their taxes? :roll:

And......I want to clear the air on millionaires and taxes. Just because you have a million bucks in the bank does not mean you should pay taxes. Taxes are paid on INCOME. Not money sitting in a bank. The interest might get taxed but the principle has already BEEN taxed.
 

Whitewing

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TSR said:
Just how many people do you think would voluntarily give their fair share if there was no gov't tax system??? Geesh.

Wouldn't those millionaires asking the government to raise their taxes be a fine place to start?

Just sayin......

And I love the use of "fair share". I'm sure Hypo will post the numbers.
 

hypocritexposer

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TSR said:
Your reply kinda reminds me of the old fella watching the first steam locomotive as it was being assembled. He said "That thing will never run down those tracks". He repeated this phrase time and time again during the long assembly process. Finally assembly was complete and as it started chugging down the tracks, the old fella said, "They will never get that contraption stopped". :)

Just how many people do you think would voluntarily give their fair share if there was no gov't tax system??? Geesh.



It appears that you figured out what their "fair share" is?

So what % of total federal tax revenue would you like the 2% to pay?
 

hypocritexposer

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Mike said:
TSR said:
Did anyone see the guy on C-Span (himself a millionaire) representing a large group of millionaires wanting their taxes raised?? An engineer from my home state called in and said he paid more taxes when he was making 60K a year than after he started his own firm when he became a millionaire. :???: Btw the guest said that those millionaires that wanted to "hide" their earnings overseas should leave the country and go live where their money was, as America didn't need their kind of patriotism,especially in this time of need. It was really quite interesting to hear the millionaires that called in saying they wanted to pay more taxes.
Yet they still hire high dollar accountants to calculate their taxes? :roll:

And......I want to clear the air on millionaires and taxes. Just because you have a million bucks in the bank does not mean you should pay taxes. Taxes are paid on INCOME. Not money sitting in a bank. The interest might get taxed but the principle has already BEEN taxed.


Liberals can't distinguish between wealth and income
 

Larrry

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We had obama increasing federal spending by over 25% since he took office, why can’t we find any way to cut spending, if only by three percent
 

TSR

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Mike said:
TSR said:
Did anyone see the guy on C-Span (himself a millionaire) representing a large group of millionaires wanting their taxes raised?? An engineer from my home state called in and said he paid more taxes when he was making 60K a year than after he started his own firm when he became a millionaire. :???: Btw the guest said that those millionaires that wanted to "hide" their earnings overseas should leave the country and go live where their money was, as America didn't need their kind of patriotism,especially in this time of need. It was really quite interesting to hear the millionaires that called in saying they wanted to pay more taxes.
Yet they still hire high dollar accountants to calculate their taxes? :roll:

And......I want to clear the air on millionaires and taxes. Just because you have a million bucks in the bank does not mean you should pay taxes. Taxes are paid on INCOME. Not money sitting in a bank. The interest might get taxed but the principle has already BEEN taxed.

Could it be this man and his group realized as evidenced by their high dollar accountants thst they need to pay more for America's sake??? You can argue that with them I'm only saying what was said.

As to your second point, a point brought up by a viewer who called in and said he was living off the interest on his million plus dollars he had worked for and saved all his life. The reply from the guest: "No we (the millionaires for more taxes) are only talking about those making a million or more in INCOME not people like you."
 

hypocritexposer

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TSR said:
Mike said:
TSR said:
Did anyone see the guy on C-Span (himself a millionaire) representing a large group of millionaires wanting their taxes raised?? An engineer from my home state called in and said he paid more taxes when he was making 60K a year than after he started his own firm when he became a millionaire. :???: Btw the guest said that those millionaires that wanted to "hide" their earnings overseas should leave the country and go live where their money was, as America didn't need their kind of patriotism,especially in this time of need. It was really quite interesting to hear the millionaires that called in saying they wanted to pay more taxes.
Yet they still hire high dollar accountants to calculate their taxes? :roll:

And......I want to clear the air on millionaires and taxes. Just because you have a million bucks in the bank does not mean you should pay taxes. Taxes are paid on INCOME. Not money sitting in a bank. The interest might get taxed but the principle has already BEEN taxed.

Could it be this man and his group realized as evidenced by their high dollar accountants thst they need to pay more for America's sake??? You can argue that with them I'm only saying what was said.

As to your second point, a point brought up by a viewer who called in and said he was living off the interest on his million plus dollars he had worked for and saved all his life. The reply from the guest: "No we (the millionaires for more taxes) are only talking about those making a million or more in INCOME not people like you."


TSR, could it be that this man realizes that with a little lobbying that the government will raise the rate, while offering more loopholes to make up the difference?

and to your second point, obama has classified the rich as anybody that makes over $250,000 and is now even saying the top 2%, instead of the 1%.

Do you know how many "pass through" small businesses that would include?

small business employs what % of workers?
 

cutterone

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Even though I have been the recipiant of some of the deductions (so called loopholes) the only fair and correct way to tax is to remove the current tax system and go to a nat'l sales tax on all items to everyone regardless of income. With that said it must be accomp. with a balanced budget amendment and tied to a GDP % in order to increase the tax percentage and change the budgeting calculation to a base line system.
 

TSR

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cutterone said:
Even though I have been the recipiant of some of the deductions (so called loopholes) the only fair and correct way to tax is to remove the current tax system and go to a nat'l sales tax on all items to everyone regardless of income. With that said it must be accomp. with a balanced budget amendment and tied to a GDP % in order to increase the tax percentage and change the budgeting calculation to a base line system.

Only problem Cutterone is a family making 30K annually would pay a higher percentage than a family making 300K. Early in my working career I was a service manager at an auto dealer, guess who wanted everything free??? Was it the guys who worked down the street at the local factory on the assembly line who were buying Chevy's or the bankers/doctor's buying the Cadillacs?? I'll give you 2 guesses and the first doesn't count. Also who do you think the survival of the dealer depended on the most?? Sad but true and probably is today.
 

hypocritexposer

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TSR said:
cutterone said:
Even though I have been the recipiant of some of the deductions (so called loopholes) the only fair and correct way to tax is to remove the current tax system and go to a nat'l sales tax on all items to everyone regardless of income. With that said it must be accomp. with a balanced budget amendment and tied to a GDP % in order to increase the tax percentage and change the budgeting calculation to a base line system.

Only problem Cutterone is a family making 30K annually would pay a higher percentage than a family making 300K. Early in my working career I was a service manager at an auto dealer, guess who wanted everything free??? Was it the guys who worked down the street at the local factory on the assembly line who were buying Chevy's or the bankers/doctor's buying the Cadillacs?? I'll give you 2 guesses and the first doesn't count. Also who do you think the survival of the dealer depended on the most?? Sad but true and probably is today.


TSR, which one purchased, or traded in, more often. The "rich" are more of a "throw away" group than the middle class or poor. That's where a "consumption tax" comes in.

It would also be better for the enviornment
 

TSR

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You have a point.
The wealthy traded more often generally but there were far more factory workers, therefore more money was made off the average working man.
 

Mike

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Only problem Cutterone is a family making 30K annually would pay a higher percentage than a family making 300K.
Not necessarily true and wrong most of the time. Get your facts straight.
 

TSR

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Mike said:
Only problem Cutterone is a family making 30K annually would pay a higher percentage than a family making 300K.
Not necessarily true and wrong most of the time. Get your facts straight.

Not necessarily true but not necessarily false either.
 

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