Welfare for Millionaires

From unemployment payments to subsidies and tax breaks on luxury items like vacation homes and yachts, Americans earning more than $1 million collect more than $30 billion in government largesse each year, according to the report assembled by Sen. Tom Coburn, a Republican from Oklahoma, who is so often at odds with members of both parties that colleagues call him “Dr. No.” The Internal Revenue Service provided the data showing how much money was going to the much-referenced top 1 percent.

http://www.thedailybeast.com/newsweek/2 ... aires.html

So there is an easy $30 billion to cut, how many more programs like this could be cut?

Personally I am surprised people still get mortgage deductions for homes that cost more than 500K.
Expect to see this passed soon. Same if people with over 500K homes try to buy solar panels.

Remember Obama's credit for buying a home last year? I didn't qualify for it, because I had too high of a down payments.

Looking at this from a totally different perspective lol (trouble maker), if I take the stance of what some have done with other issues, It's easy to hide behind the skirt of the law. It's the law, so they are not doing anything wrong, but taking advantage of what the law allows. :Whistle Oh, yes, the union collecting portions of the medicare payments, something LJ, support because it is Union. I can already hear her outrage on this issue. So right back at her. Hey, it's the law. I bet her tune now is not that I have no business talking about the law in Michigan.

Seriously, if this is exploitation of a loophole in the tax law, it's time to change it. If this one exists, how many others?

SS109 wrote: Personally I am surprised people still get mortgage deductions for homes that cost more than 500K.
Expect to see this passed soon. Same if people with over 500K homes try to buy solar panels.

Remember Obama's credit for buying a home last year? I didn't qualify for it, because I had too high of a down payments.

Question. Where does the magic figure of 500k come from? Why that as opposed to some other number? Also, it is the actual value of the home or the property and home? How will you separate the two? I see potential problems here with ranchers and huge tracts of land.

You are going to upset people with the 500K figure. People can live in a mansion in Oklahoma for 500K, wheras that won't even cover a 2 bedroom apartment in Manhattan.

SS109 wrote: You are going to upset people with the 500K figure. People can live in a mansion in Oklahoma for 500K, wheras that won't even cover a 2 bedroom apartment in Manhattan.

That is the very point of the question. It's a function of where you live and it would hardly be a fair way to levy tax benefits or burdens. California real estate is almost as much out of control as that in the big city.

From unemployment payments to subsidies and tax breaks on luxury items like vacation homes and yachts, Americans earning more than $1 million collect more than $30 billion in government largesse each year, according to the report assembled by Sen. Tom Coburn, a Republican from Oklahoma, who is so often at odds with members of both parties that colleagues call him “Dr. No.” The Internal Revenue Service provided the data showing how much money was going to the much-referenced top 1 percent

Anybody else but me notice the media bias and class warfare tatic in this statement? Americans who earn more than a million a year are taxpayers in aggregate. They pay taxes. In fact they pay more than their share in taxes.

Here's the lie...."The Internal Revenue Service provided the data showing how much money was going to the much-referenced top 1 percent".

Facts...
According to the National Taxpayers union in 2009....
The top 1% pay 36.73% of all income taxes collected.
The top 5% pay 58.66% of all income taxes collected.

It's a lie because those top earners pay more than their share. THE MONEY does not GO to these earners- it COMES from those earners to the government.

If any Americans have money GOING to THEM- it's the 50+% of Americans who pay no income taxes- but recieve benefits FROM the government's welfare state- or subsidy state. It irks me every time I read garbage like this- because those who write it either have no clue (or) are knowingly LIERS!!

Sure those who earn that much money get tax breaks and loopholes- but the top 1% still pay nearly 40% of all taxes and the top 5% still pay almost 60% of all taxes- even with tose loopholes.

At best these taxpayers are getting a few crumbs of their own money back from government- money they should not have had to pay anyway!

Another overlooked fact is that when those top earners spend money on luxery items (which they have every right to purchase) - they create jobs for middle class workers in many cases.

If we are worried about money GOING from the government- it's not the top 5%- but the bottom 50% we should be looking at.

Facts...
According to the National Taxpayers union....
The top 1% pay 36.73% of all income taxes collected.
The top 5% pay 58.66% of all income taxes collected.

And, as of 2001:
The top 1% own 39.7 percent of the financial wealth
The bottom 95% own 32.5 percent....combined.

As of 2004:
The top 1% own 42.4 percent of the financial wealth
The bottom 95% own 31 percent....combined.

As of 2007:
The top 1% own 48.4 percent of the financial wealth
The bottom 95% own 20 percent....combined.

Gee, I'm starting to see a trend here.... Hmmmmm... from 2001 to 2007....

http://www.politifact.com/truth-o-meter ... ial-wealt/

What's your point?

What does your post have to do with the fact that the top 5% earners pay most of the taxes- and the bottom 50% pay nothing?