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article imageGOP Senator targets generous tax loopholes exploited by the rich

By Nate Smith     Dec 10, 2014 in Politics
Washington, D. C. - A Republican senator strikes a populist chord with the release of a new report detailing a litany of tax breaks directed primarily to large companies and professional athletes.
Large tech companies end up with refunds on their tax bill and rampant nepotism by artists, celebrities and pro-athletes means they staff tax-free non-profits with close family and friends, and can write the whole expense off their fiscal year-end tax bill, according to the report "Tax Decoder," released by Sen. Tom Coburn, R-Oklahoma.
Owners of professional baseball teams are entitled to claim "depreciation" of their players over time, the same way a craftsman might claim depreciation on his tools. Such tax breaks help owners offset much of the cost of operating the entire team, according to Sen. Coburn's report, which also details the "not-for-profit" status of the National Football League — better than a $1 billion-dollar-per-year industry.
In all, the report claims to reveal some 165 tax expenditures worth over $900 billion this year and more than $5 trillion over the next five years.
The senator's report cites specifically a non-profit run by Lady Gaga. The artist's 501(c)(3), the Born This Way Foundation, raised $2.6 million in 2012, but only gave away $5,000 for "grants to organizations or individuals," according to information presented by Sen. Coburn.
"For (Fiscal Year) 2014, the tax gap will likely be about $500 billion. If this amount were fully paid, virtually the entire deficit currently projected for FY 2014, $483 billion, could be eliminated," Sen. Coburn concludes.
Tom Coburn Overview | FindTheBest
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