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Welfare for Millionaires
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| Contributor | RP |
| Last Edited | RP Nov 14, 2011 03:50pm |
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| Category | Report |
| News Date | Monday, November 14, 2011 06:00:00 AM UTC0:0 |
| Description | From unemployment payments to subsidies and tax breaks on luxury items like vacation homes and yachts, Americans earning more than $1 million collect more than $30 billion in government largesse each year, according to the report assembled by Sen. Tom Coburn, a Republican from Oklahoma, who is so often at odds with members of both parties that colleagues call him “Dr. No.” The Internal Revenue Service provided the data showing how much money was going to the much-referenced top 1 percent.
In all, millionaires receive hefty help from Uncle Sam. The $30 billion in handouts, to put it in perspective, amounts to twice as much as the government spends on NASA, and three times the budget of the Environmental Protection Agency. On the other hand, it would only cover the cost of fighting about three months in Iraq and Afghanistan. Still, eliminating them would help make a small dent in the $1.5 trillion congressional leaders are trying to find by Thanksgiving.
The biggest money comes—or goes, rather—through unpaid taxes. More than 1,500 millionaires paid no income tax last year, according to federal records, mainly due to tax loopholes and savvy accountants. Tax breaks taken by millionaires on things like mortgage interest ($27.7 billion), rental expenses ($64.2 billion) and electric vehicles ($12.5 million) keep cash from entering the federal coffers. |
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