Amazing!!! A Republican Stands Up and Speaks Truthfully – Soundoff

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Nov 21 / Pundit

# Amazing!!! A Republican Stands Up and Speaks Truthfully

I certainly did NOT expect to be touting a Republican politician in this political environment, but Just a couple of days ago, Senator Tom Coburn released a report which was stunning to me. Though he did not call for tax increases per se on the wealthy, he certainly lined right up with Warren Buffet and many of the 99% as he called out business as usual in Washington for subsidizing the lifestyles and excesses of the very wealthy. Below is an excerpt from his Senatorial website.

(WASHINGTON, D.C.) – U.S. Senator Tom Coburn, M.D. (R-OK) today released a new report “Subsidies of the Rich and Famous” illustrating how, under the current tax code, the federal government is giving billions of dollars to individuals with an Annual Gross Income (AGI) of at least $1 million, subsidizing their lavish lifestyles with the taxes of the less fortunate.

“All Americans are facing tough times, with many working two jobs just to make ends meet and more families turning to the government for financial assistance. From tax write-offs for gambling losses, vacation homes, and luxury yachts to subsidies for their ranches and estates, the government is subsidizing the lifestyles of the rich and famous. Multi-millionaires are even receiving government checks for not working.

“This welfare for the well-off – costing billions of dollars a year – is being paid for with the taxes of the less fortunate, many who are working two jobs just to make ends meet, and IOUs to be paid off by future generations. We should never demonize those who are successful. Nor should we pamper them with unnecessary welfare to create an appearance everyone is benefiting from federal programs,” Dr. Coburn said.

These billions of dollars for millionaires include $74 million of unemployment checks, $316 million in farm subsidies, $89 million for preservation of ranches and estates, $9 billion of retirement checks, $75.6 million in residential energy tax credits, and $7.5 million to compensate for damages caused by emergencies to property that should have been insured. All and all, over $9.5 billion in government benefits have been paid to millionaires since 2003. Additionally, millionaires borrowed $16 million in government backed education loans to attend college. On average, each year, this report found that millionaires enjoy benefits from tax giveaways and federal grant programs totaling $30 billion. As a result, almost 1,500 millionaires paid no federal income tax in 2009.

Finally, a Republican who will at least share the same set of facts that the rest of us use. If only there were more…how much better off would we all be.