On The Money: Millionaires Collect Billions in Taxpayer Money
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You could call it welfare for the well-off. Taxpayers in America are literally giving billions to people who make millions. That’s right, millionaires are collecting welfare.
What do rock stars Bruce Springsteen, Jon Bon Jovi and basketball legend Scottie Pippen have in common? All three receive farm subsidies from the government, and they’re not the only millionaires getting a tax break.
In fact, the feds doled out $316 million in farm subsides to people with seven-figure incomes according to a report by U.S. Sen. Tom Coburn.
“Subsidies of the Rich and Famous” found the feds shelled out $74 million in unemployment checks to millionaires:
“The millionaires get them?” asked Margaret Chu as she was looking for work. “For being unemployed? You serious?”
The millionaire bailout is bitter medicine to those folks looking for work in a state with nearly 12 percent unemployment.
“Well it’s not fair,” Joseph Freeman said. “They’re millionaires. What do they need with unemployment?”
“I hear about this stuff all the time,” said another unemployed, Tyler Desart. “It’s just keeping the rich rich I guess, instead of taking care of the people who really need it.”
“That’s just wrong,” said Kevin Reich. The middle class, there’s no middle class no more. You’re either poor or you’re rich.”
Millionaires also received $89 million to preserve their ranches and estates, $75 million in residential energy tax credits and $9 billion in retirement checks, according to the report. Altogether, $30 billion in tax giveaways.
“This is the worst of crony capitalism,” said Jon Coupal of the Howard Jarvis Taxpayers Association. “We see taxpayer dollars being give to those who really don’t need it. And this is something that we think the Tea Party organizations and the Occupy Wall Street people could agree on.”
Tax fighters and the Occupy Wall Street crowd are in rare agreement on this issue.
“It’s unfair,” said Occupy Sacramento protester Autumn Thomas. “Why should I have to take out a student loan and go to school? And people that already have a stable career and lifestyle are getting money handed to them.”
Nearly 1,500 millionaires paid no federal taxes in 2009, according to the report.