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GOP Focuses on Millionaire Tax Breaks

lotstosay Wrote: Dec 18, 2012 1:11 PM

Yeh! Lets go for it. Raising money over the next ten years should put a real dent in the 6 TRILLION in debt. Specifically for 2011, the projected spending is $10.46 Billion per day. This is based on the projection of Federal Spending of $3.818 Trillion for the year. We do not have a revenue problem we have a spending problem. We do not have a revenue problem we have a spending problem. We do not have a revenue problem we have a spending problem. We do not................well you get the idea.

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GOP Focuses on Millionaire Tax Breaks

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."

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...

Related Tags: Tom Coburn Millionaires Tax Loopholes millionaires tax Taxes John boehner Fiscal Cliff Obama Tax Hike