Subsidies of the Rich and Famous: Senator Tom Coburn Gets it Right

Here is the final page of the report:

XI. Recommendations

With a national debt at $15 trillion, the federal government must contain its spending.  Ending the federal safety net Congress has created for millionaires would save billions each year.  Reduce or Eliminate Payments Made to Millionaires. While millionaires have paid into  certain programs, such as Social Security and Unemployment Insurance, their dependency on  these programs is questionable, at best. Therefore, as the United States Senate voted
unanimously, UI benefits for millionaires should be terminated. Further, as part of  comprehensive Social Security reforms, retirement payments for higher income earners should  be restrained.

End Farm Program and Conservation Payments to Millionaires. Farm program payments were designed to encourage individuals to engage in agricultural pursuits. Farmers that are millionaires no longer need this encouragement. Further, a millionaire land owner should not be paid by the government to preserve their land. Payments by the USDA to millionaires through its farm and conservation programs, as voted on by the Senate, should cease.

Means-Testing Should Be Considered for Other Government Programs. Some programs are essential for individuals without adequate financial means. Individuals with adequate means should not be taking from the federal government just because the money or benefit is available. Congress should consider means-testing these types of programs to ensure the payments go to the Americans that need them most.

Reduce or End Certain Tax Deductions and Credits For Millionaires. The incentives created by certain tax deductions, such as the mortgage interest deduction that encourages home ownership, are lost on millionaires. Congress should take a hard look at the tax code and reduce or eliminate a number of confusing and misplaced tax breaks, including those utilized by millionaires.

Read the entire report here:  Subsidies of the Rich and Famous

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