Subsidies of the Rich and Famous

Overview

With families across the country struggling to make ends meet during these economically trying times, many are left with few options so they are turning to the government for assistance. The government safety net has been cast far and wide, with almost half of all American households now receiving some form of government assistance. But most taxpayers will be asking why when they learn who is receiving what.

From tax write-offs for gambling losses, vacation homes, and luxury ...

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More About This Book

Overview

With families across the country struggling to make ends meet during these economically trying times, many are left with few options so they are turning to the government for assistance. The government safety net has been cast far and wide, with almost half of all American households now receiving some form of government assistance. But most taxpayers will be asking why when they learn who is receiving what.

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 is being paid for with the taxes of the less fortunate and IOUs to be paid off by future generations.

This is not an accidental loophole in the law. To the contrary, this reverse Robin Hood style of wealth redistribution is an intentional effort to get all Americans bought into a system where everyone appears to benefit.

"Everybody can have a free lunch," explains Howard Leikert, supervisor of school nutrition programs for the Michigan Department of Education, where a new federal program is providing all students, regardless of their families' incomes, free school meals in select areas.

But not everyone can have a free lunch. Ultimately someone must pay for each of the lunches being given away. Furthermore, not everyone needs a free lunch. The real result of serving everyone a piece of the pie is less is leftover for those truly in need.

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.

Even in these difficult times, the United States remains a land of opportunity and not everyone is in need of government hand outs. The income of the wealthiest one percent of Americans has risen dramatically over the last decade. Yet, the federal government lavishes these millionaires with billions of dollars in giveaways and tax breaks.

The government's social safety net, which has long existed to catch those who are down and help them get back up, is now being used as a hammock by some millionaires, some who are paying less taxes than average middle class families. Comprehensive information on the full range of government benefits enjoyed by millionaires has never been collected previously. This report provides the first such compilation. What it reveals is sheer Washington stupidity with government policies pampering the wealthy costing taxpayers billions of dollars every year.

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.

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 2009.6

Fleecing the taxpayer while contributing nothing is not the American way.

Americans are generous and do not want to see their fellow citizens go without basic necessities. Likewise, we expect everyone to contribute and to demonstrate personal responsibility. The tragic irony is the wealth in these cases is trickling up rather than down the economic ladder. The cost of this largess will thus be shared by those struggling today and the next generation who will inherit $15 trillion of debt that threatens the future of the American Dream. These consequences are the results of shortsighted spending and tax policies like those outlined in this report that should be eliminated.

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Product Details

  • ISBN-13: 9781494775490
  • Publisher: CreateSpace Independent Publishing Platform
  • Publication date: 12/23/2013
  • Pages: 38
  • Sales rank: 1,049,738
  • Product dimensions: 8.50 (w) x 11.00 (h) x 0.08 (d)

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