Posts Tagged ‘Millionaires & billionaires’

Best tax loophole: millionaires writing off gambling losses

November 18, 2011

Sen. Tom Coburn issued a report called: “Subsidies of the rich & famous.”

I thought I’d get a couple of posts out it, but it turned out to be old news (Bon Jovi calling his estate a bee farm and paying practically no taxes) … and the result of not means testing Social Security and Medicare.

Two of the subsidies did catch my eye:

1)  Millionaires deducted more than  $20 billion in gambling losses … though, even that’s not such a big deal since they simply offset gambling winning … they don’t deduct from ordinary income.

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2) Millionaires copped  almost $21 million in Unemployment Insurance … not a big amount, but c’mon man.

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