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.”

Daily OutrageOpinionOther Opinion

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

‘Extremely disturbing’: SF police chief condemns death of George Floyd

Bill Scott joins SFPOA, top cops nationwide in deeming incident a failure of policing

Haight Street group drops ties with prominent pro-Trump attorney

Amoeba, other merchants filed lawsuit seeking to block ‘Safe Sleeping’ site on Stanyan

CCSF board votes to close Fort Mason campus

College dropping lease on waterfront site to help close projected deficit

Planning Commission greenlights 1,100 unit Balboa Reservoir project

Development near CCSF expected to include 50 percent below-market rate units

Breed announces timeline for when SF’s businesses can reopen after COVID-19 shutdown

Restaurant advocacy group wants The City to allow indoor dining sooner

Most Read