The Washington Times Inside Politics Blog

Report: Millionaires get $30 billion in taxpayer-funded subsidies

← return to Inside Politics

Millionaires are Democrats’ favorite targets this season, but one Republican has also put them in his sights: Oklahoma Sen. Tom Coburn, who has released a report concluding that millionaires get more than $30 billion in subsidies and tax credits from the government each year.

The biggest benefits are paid in the form of tax credits for mortgage interest, rental expenses and gambling losses — millionaires claimed a shocking $21 billion on that last category alone between 2006 and 2009.

But Mr. Coburn, in his report, also said millionaires are paid more than $1 billion a year in Social Security benefits, have received some $74 million in unemployment insurance between 2005 and 2009, and collected $316 million in farm subsidies between 2003 and 2009.

The report is the senator’s effort to try to find middle ground in a debate that so far has been dominated by Democrats’ calls for new taxes on the very wealthy and Republicans’ opposition.

“This welfare for the well-off — costing billions of dollars a year — is being paid for with the taxes of the less fortunate,” Mr. Coburn said in releasing the report.

← return to Inside Politics

Comments
blog comments powered by Disqus
Happening Now