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...
So the GOP has capitulated. And to what benefit? 130 billion over 10 years. 13 billion a year average. BFD! They're running trillion dollar annual budget deficits, but trimming tax deductions will get them an extra 13 billion a year. If I ran my household budget like that I'd be living in a box on Lower Wacker Drive in Chicago.
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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