Senator Releases Report that Rich Get Unnecessary Tax Breaks and Federal Benefits

Republican Senator Tom Coburn released a report today that exposes federal subsidies and tax breaks given to celebrities and wealthy Americans.

In the report entitled “Subsidies of the Rich and Famous,” highlights the 30 billion dollars in subsidies, tax breaks and benefits paid out to people making a million dollars or more a year.

Many of these tax breaks help the rich and famous purchase yachts and vacation homes. Many of these millionaire also utilized subsidies to help them pay for childcare and gambling debts, as well as farming subsidies. The report also found that some multi-millionaires are receiving unemployment benefits.

Coburn's report comes as the Super committee struggles with how to reduce the deficit. He suggests that eliminating these tax breaks and subsidies to the rich and famous could help secure the future of social safety nets, needed by the truly downtrodden.

Coburn suggests reforming the tax code and eliminating benefits to people, who are not truly in need of these benefits, through means testing.

Some of these tax breaks and subsidies are needed to help the middle class and the poor, but these people are not the target of Coburn’s report, his emphasis is on citizens that are not in need of these benefits.

Not all of the tax breaks and subsidies are utilized by the very wealthy. Tax attorneys often help small businesses and middle class individuals take advantage of these tax breaks, which are necessary to help them grow businesses and hire more employees.

Tax lawyers make it possible for businesses in need to take advantage of the available tax codes. With a tax attorney’s help, these businesses are shown how to structure their businesses and utilize tax breaks that will benefit both their business and lead to job creation.