Tax Breaks for Rich is Welfare for Millionaires

[floridasandy]

Originally Posted by floridasandy

here's the thing about taxing our way to "recovery".

maybe people need to sit down and realize what the average household income is in this country.

only 34% of households make more than 65,000 dollars.

only 10% make more than 118,200 dollars.

only 2.67% make more than 200,000 dollars. (my budget 360)

now who thinks we are going to tax our way out of this economic mess than we are in?

here's even more economic information for thought from my budget 360:


Home prices are now down 33.9 percent from their peak reached in early 2006 (6 years ago).


so while wall street may be rallying, main street clearly is not.


Part of the American Dream involved a strong middle class. It is hard to have a middle class when there is less and less of a middle.

Since the recession hit food stamp usage is up 84 percent. (zero hedge)

still feel we are in full "recovery" mode?

maybe it is time to try something different.

[Fiddlehead]

Interesting about Coburn. I like to see mavericks on both sides.

Specter is for ObamaCare and against Santorum.

That's pretty cool too.

[monkeywrenching]

Originally Posted by HeyJude514

"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. 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. “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."

His staff found that millionaires received $74 million worth of unemployment checks from 2005 to 2009; $316 million in farm subsidies from 2003 to 2009; $89 million for the preservation of lands on ranches and estates in 2009 and 2010; and $7.5 million to compensate for property damages caused by disaster.

And it found that nearly 1,500 millionaires did not pay federal income tax in 2009."

Tax breaks for rich is welfare for millionaires, says maverick senator - TheHill.com

Wow, this coming from Senator Tom Coburn, a Republican from Oklahoma. Now refresh my memory, isn't there some right wing talking point about 47% of low income "moochers" paying no federal income tax?

I would rather cut all taxes to 3% total for all of the goverment budget and let the feds make do with that. let the people who made their money keep it. it is not like the goverment knows how to spend other peoples money, if they did the USA would never have had a 15+ trllion dollar debt.