Loopholes: Millionaires amass $30 billion in tax takebacks 

U.S. Sen. Tom Coburn, R-Okla. - 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.”



About The Author

Staff Report

Staff Report

Bio:
A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
Pin It
Favorite

Speaking of...

More by Staff Report

© 2018 The San Francisco Examiner

Website powered by Foundation