Hey Congress, why on consider cutting these “welfare” subsidies to the people who dump hundreds of thousands of dollars into you campaign chests? (Thanks to Nicholas Kristof, the Pulitzer Prize winning columnist at the New York Times. This is a summary of his column in the March 20, 2014 edition of The Virginian Pilot.) 1) Welfare Subsidies for Private Planes – Accelerated tax write-offs, avoidance of personal taxes on this benefit, free use of air traffic control which is paid by those of us flying commercial. 2) Welfare Subsidies for Yachts – Mortgage subsidy extended to beach homes and yachts. 3) Welfare Subsidies for Hedge Funds and Private Equity – “Carried interest”, magically reclassifying earned income to a tax rate almost 16% lower for “capital gains. 4) Welfare Subsidies for the Big Banks – Banks get to borrow money unusually cheaply because the government will rescue them. Bloomberg View figures taxpayers subsidize the 10 biggest banks some 83-BILLION DOLLARS every year. 5) Welfare Subsidies for Corporations – Mostly as incentives come or stay. The New York Times tallied more than 80-BILLION DOLLARS each year in subsidies to companies. Yes, there ARE deleterious effects of unsustainable government subsidies. However, it is a complex problem and you cannot just focus on one side. While Congress cuts food stamps at the same time that almost 20-percent of American families struggled to pay for food…Congress ignores more than 12-BILLION DOLLARS each year in tax subsidies for business meals and entertainment.
Posted on: Sun, 06 Apr 2014 17:05:54 +0000
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