Coburn Attacks Tax Breaks For Millionaires

From thehill.com ~ A leading Senate conservative is taking aim at tax breaks that he says amount to welfare for millionaires, a line of critique that usually comes from liberal Democrats.

Senator Tom Coburn (R-Okla.) released a report detailing special tax breaks for wealthy income earners that could give members of the supercommittee common ground for raising tax revenues.

The report found millionaires enjoy about $30 billion worth of “tax giveaways” and federal grants every year — almost twice NASA’s budget, the report notes.

“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. Multimillionaires are even receiving government checks for not working,” Coburn said in a statement Monday.

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