Coburn highlights $100 billion in tax revenue that could be raised over the next ten years by ending some of these deductions only on millionaire households. Over the 2006-2009 time period, Coburn notes, millionaires deducted over $20 billion in gambling...
Obama and the Dems don't want to close tax loopholes on thier one percenter buddies in Hollywood. They don't really even care about revenue. This "tax the rich" rhetoric is optics only as a way to satisfy the left's craving for "fairness" and "income equality". Also, Obama only wants to further paint the GOP as the party of the rich, figuring he can maneuver us into another corner as they have so deftly in the past. In short, this is not fiscal policy, it's politics. Shocked? nope.
Republican Sen. Tom Coburn has released a breakdown of how much the federal government forgoes in tax revenue due to various credits and deductions that benefit everything from NASCAR owners to gamblers. It's a fairly comprehensive analysis that should get bipartisan support, but one of the categories that Sen. Coburn targets to raise taxes from may be surprising: "the rich."
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