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Taxpayers Stung by Sweetheart Deals for Celebrities

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    Sen. Tom Coburn on reforming tax code, closing loopholes

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-- -- Republicans are still refusing to budge on taxes to strike a debt deal but what if it's about closing loopholes that provide wealthy celebrities act of a deal.

Like the one that allows a rocker Bon Jovi today just a hundred bucks in taxes on just part of his multi million dollar New Jersey estate because on that -- and he raises bees on the property.

Even from all the way out at his home state of Oklahoma Republican senator Tom Coburn -- that is the kind of sweetheart deal that stings all taxpayers and he's pushing to change that.

By going after the special credits and -- -- that essentially -- that.

Senator your colleagues say it -- you're you're raising taxes -- that what's your response.

Well it.

It is easy if we -- the kind of money that we do with tax credits in the tax code and had an appropriation bill everybody would call that an earmark.

A special favor for somebody that's well and well connected and able to lobby congress but because -- in the tax code if we wanna get rid of it it's -- -- I reject that -- have all along.

That we need to reform our tax code and I raise this issue of 28 point five billion dollars a year tax credits.

And tax deductions taken by people who make more than a million dollars a year and adjusted gross and count.

As something that we probably probably shouldn't be doing regardless what their income if we ought to be using the tax code to grow the country not to get special perks for special people.

And we decided a lot of examples in this report both in terms of tax credits.

And tax giveaways.

To people who are highly advantaged and one of a moron and a one point three trillion dollar deficit we can't do that anymore regardless of how much that.

Horribly since -- senators and but -- these cases is concerns on the part of -- -- stage these days well in excess of 200000 dollars.

A hot -- on that property here but the fact of the matter is.

On it needs -- portion of the property that he has allowed through.

Federal exemptions.

Because he receives the property and are not -- he has to do that Ned you're quite right but you want to close that and -- makes good sense but.

A lot of your colleagues are saying senator the bottom line is.

Dad did it without agreeing to a simpler tax system or lower tax rates in general is never gonna happen you'll never get their support -- he's.

Well I don't think so -- matter of fact we've paid out 74 million dollars and unemployment checks to people have made over a million dollars a year in the last four years.

We can do that we've already voted that in the senate just didn't go anywhere so the fact is as everybody says what you can't do and -- American people wanna hear what you can't do.

And we can reform the tax code we can't make it fair there's no reason that the middle class in this country ought to be supporting.

Benefits.

Through the tax code and through our our safety net programs.

For people make -- more -- -- million dollars a year and that's not class warfare that's common sins he's absolutely and especially in a time when your run in the kind of deficits.

I understand -- raise a lot of good good points I just collectively the question is through some of these issues.

And examples you cited if we -- to erase them smaller carbon back I mean.

What kind of savings would we be talking about in the committee now.

That has to come up with the very at least one point 31 point -- trillion dollars in savings over the next.

Well it's easy if you take all the credits and deductions in the tax cut -- credits let's just talk credits.

And deductions from income.

It's 930.

Billion dollars a year that we have written into the tax cut if you get rid of 200 billion of that a year.

-- -- two trillion dollars over the next ten years that's something that that this committee -- do and agreed both sides agree with it.

You know you'd still have mortgage deduction that sensible you still have charitable contributions you still have some health care protection.

But getting rid of the job the special interest favors that have been wiggle into the tax cut through the years is exactly what Ronald Reagan did.

In 1980s before and so the fact is we had four point 9% real GDP growth for five years under Reagan.

Why would we want that why we need that so the question is it it's not Republican Democrat that's not.

Class warfare it's just common sense to fix the tax code and I did this report the highlight how stupid our tax code it.

All right senator thank you very much senator -- who are here again decision or just wanna take it back -- us -- --

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