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GOP Focuses on Millionaire Tax Breaks

Murph25 Wrote: Dec 18, 2012 6:59 AM
I guess the cigarette tax, gas tax, alternative minimum tax, medical device tax, and automatic Federal Cost Of Living Raises, don't affect the poor or middle income folks...RIGHT Tax breaks are another Federal incentive that caused scams to happen without verifications. Now, where are the spending cuts?????
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...