"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. This welfare for the well-off -- costing billions of dollars a year -- is being paid for with the taxes of the less fortunate. . . It is sheer Washington stupidity."Want to guess which U. S. senator said that, in releasing a survey he had done of wealthy people?
If you haven't already seen the news item, you may be just as shocked as I was. This was from Senator Tom Coburn (R-OK). That's right. Republican Tom Coburn of Oklahoma.
Is the worm about to turn?
Not exactly. It seems that Senator Coburn still wants to cut the tax rate for the wealthy. This survey is part of the Republican "compromise," which is shaping up to swap closing all these loopholes and exemptions AND also lowering the tax rates.
At least it's something. I just hope the Democrats hold firm and don't get snookered by this and wind up with all kinds of loopholes in the closing of the loopholes.
Ralph
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