Winehole23
11-15-2011, 12:33 PM
Who Wants to Subsidize a Millionaire? (http://www.nationalreview.com/corner/283106/who-wants-subsidize-millionaire-veronique-de-rugy)
November 14, 2011 12:18 P.M. (http://www.nationalreview.com/corner/283106/who-wants-subsidize-millionaire-veronique-de-rugy)
By Veronique de Rugy (http://www.nationalreview.com/author/47929) http://global.nationalreview.com/images/icon_homepage_12x13.jpg (http://www.mercatus.org/PeopleDetails.aspx?id=17018)
While I don’t think that millionaires should be targeted, as a group, for tax increases, I don’t think the government should be giving away money to them, either. It’s stunning how little attention is paid to the absurdity of government spending taxpayer dollars on millionaires and billionaires. I had been meaning to look into just how much the government is giving away to high-income earners, but I never got around to doing it. Thankfully, Sen. Tom Coburn just produced a new report called “Subsidies of the Rich and Famous (http://coburn.senate.gov/public/index.cfm?a=Files.Serve&File_id=bb1c90bc-660c-477e-91e6-91c970fbee1f),” which shows that over $9.5 billion in government benefits have been paid to millionaires (defined as having annual gross income, AGI, of at least $1 million) since 2003.
The report also highlights that millionaires borrowed $16 million in government-backed education loans, and that “on average, each year, this report found that millionaires enjoy benefits from tax giveaways and federal grant programs totaling $30 billion. As a result, almost 1,500 millionaires paid no federal income tax in 2009.”
Some of the subsidies for millionaires include:
● $316 million in farm subsidies;
● $89 million for preservation of ranches and estates;
● $75.6 million in residential energy tax credits; and
● $7.5 million to compensate for damages caused by emergencies to property that should have been insured.
Read the full report here (http://coburn.senate.gov/public/index.cfm?a=Files.Serve&File_id=bb1c90bc-660c-477e-91e6-91c970fbee1f).
http://www.nationalreview.com/corner/283106/who-wants-subsidize-millionaire-veronique-de-rugy
November 14, 2011 12:18 P.M. (http://www.nationalreview.com/corner/283106/who-wants-subsidize-millionaire-veronique-de-rugy)
By Veronique de Rugy (http://www.nationalreview.com/author/47929) http://global.nationalreview.com/images/icon_homepage_12x13.jpg (http://www.mercatus.org/PeopleDetails.aspx?id=17018)
While I don’t think that millionaires should be targeted, as a group, for tax increases, I don’t think the government should be giving away money to them, either. It’s stunning how little attention is paid to the absurdity of government spending taxpayer dollars on millionaires and billionaires. I had been meaning to look into just how much the government is giving away to high-income earners, but I never got around to doing it. Thankfully, Sen. Tom Coburn just produced a new report called “Subsidies of the Rich and Famous (http://coburn.senate.gov/public/index.cfm?a=Files.Serve&File_id=bb1c90bc-660c-477e-91e6-91c970fbee1f),” which shows that over $9.5 billion in government benefits have been paid to millionaires (defined as having annual gross income, AGI, of at least $1 million) since 2003.
The report also highlights that millionaires borrowed $16 million in government-backed education loans, and that “on average, each year, this report found that millionaires enjoy benefits from tax giveaways and federal grant programs totaling $30 billion. As a result, almost 1,500 millionaires paid no federal income tax in 2009.”
Some of the subsidies for millionaires include:
● $316 million in farm subsidies;
● $89 million for preservation of ranches and estates;
● $75.6 million in residential energy tax credits; and
● $7.5 million to compensate for damages caused by emergencies to property that should have been insured.
Read the full report here (http://coburn.senate.gov/public/index.cfm?a=Files.Serve&File_id=bb1c90bc-660c-477e-91e6-91c970fbee1f).
http://www.nationalreview.com/corner/283106/who-wants-subsidize-millionaire-veronique-de-rugy