#AceFinanceNews – Press Release: WASHINGTON:Jan.03: Oklahoma Republican Sen. Tom Coburn released his latest report chronicling government waste on Tuesday, highlighting giveaways littered throughout the tax code.
In a press release, Coburn said the report, titled “Tax Decoder,” reveals “more than 165 tax expenditures worth over $900 billion this year and more than $5 trillion over the next five years.”
“As a result of all of these loopholes and giveaways,” Coburn says, “nearly half of American households pay no federal individual income tax, including over a thousand with an adjusted gross income of $1 million.”
Among the giveaways identified in the report are deductions for gambling losses, credits for movie producers, shelters for the rich and famous and even deductions for sports team owners who claim their players’ skills depreciate as they age.
“The real beneficiaries of many tax giveaways end up being not the intended recipients who need relief, but those who are already well-off,” Coburn says. “Taxes should not be determined by who has access to the craftiest accountants, lobbyists, and politicians.”
“Ideally,” Coburn argues, “Congress would throw out the entire tax code and start over, but at the very least the code should be made simpler, fairer, and flatter,”just as members of both parties have been promising to do for years.