Loopholes: Millionaires amass $30 billion in tax takebacks

AP file photoU.S. Sen. Tom Coburn

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.”

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