Loopholes: Millionaires amass $30 billion in tax takebacks

Skip to Navigation Skip to Content

Loopholes: Millionaires amass $30 billion in tax takebacks

AP file photo
AP file photo
U.S. Sen. Tom Coburn, R-Okla.

WHAT: The government is subsidizing lifestyles of the rich and famous with tax write-offs for vacation homes, luxury yachts and gambling losses, plus subsidies for their ranches and estates, U.S. Sen. Tom Coburn, R-Okla., charged.

WHO: Samples of the $30 billion loopholes in Coburn’s 37-page report include farm subsidies to rocker Jon Bon Jovi for a plot of land where he raises bees and to Bruce Springsteen for property he leases to an organic farmer.

WHY IT’S OUTRAGEOUS: “This welfare for the well-off — costing billions of dollars a year — is being paid for with the taxes of the less fortunate,” said Coburn, a fierce critic of “out-of-control federal spending.”

Advertisement

All comments on this page are subject to our Terms of Use.

The following are not allowed:

  • ALL CAPS
  • Links
  • Profanity / Racism / Offensive Language
URL: http://www.sfexaminer.com/opinion/daily-outrage/2011/11/loopholes-millionaires-amass-30-billion-tax-takebacks?quicktabs_1=0