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The tax code is so peppered with special giveaways that companies such as Facebook end up getting refunds, and high-profile athletes and artists use their tax-free foundations to give friends jobs while avoiding taxes — all leading to higher income tax rates for the rest of us, Sen. Tom Coburn charges in a new report being released Tuesday.

Baseball owners are able to claim their players “depreciate” over time, the same way farms are able to claim their tractors depreciate, thus entitling the already wealthy sports team owners to tax breaks that can offset much of the cost of operating a team. Meanwhile, sports leagues such as the NFL, a billion-dollar enterprise, are formed as tax-exempt organizations.

Mr. Coburn, Oklahoma Republican, is unveiling the report even as his colleagues are pushing to quickly pass a package of breaks for everything from wind turbines to subway ridership to tuna canneries.

“If you support making the tax code fairer and flatter, voting to revive expired tax giveaways for special interests has the exact opposite consequence,” Mr. Coburn said in a statement Monday, just ahead of the release of his report, entitled “Tax Decoder.”

Baldy wrote:Tom Coburn - Conk - Oklahoma

Wealthy pro athletes, musicians exploit tax loopholes to drive up rates for the rest of us

The tax code is so peppered with special giveaways that companies such as Facebook end up getting refunds, and high-profile athletes and artists use their tax-free foundations to give friends jobs while avoiding taxes — all leading to higher income tax rates for the rest of us, Sen. Tom Coburn charges in a new report being released Tuesday.

Baseball owners are able to claim their players “depreciate” over time, the same way farms are able to claim their tractors depreciate, thus entitling the already wealthy sports team owners to tax breaks that can offset much of the cost of operating a team. Meanwhile, sports leagues such as the NFL, a billion-dollar enterprise, are formed as tax-exempt organizations.

Mr. Coburn, Oklahoma Republican, is unveiling the report even as his colleagues are pushing to quickly pass a package of breaks for everything from wind turbines to subway ridership to tuna canneries.

“If you support making the tax code fairer and flatter, voting to revive expired tax giveaways for special interests has the exact opposite consequence,” Mr. Coburn said in a statement Monday, just ahead of the release of his report, entitled “Tax Decoder.”

kalm wrote:

Baldy wrote:Tom Coburn - Conk - Oklahoma

Wealthy pro athletes, musicians exploit tax loopholes to drive up rates for the rest of us

Meh…old news, but I don't mind what Coburn is trying to do here. If he's for universal disarmament (flat tax on every business) and can find a way to still fund the government, he has my support. Until then, these enterprises are simply taking advantage of the breaks that they've lobbied like hell for…oops, I mean that are legally at their disposal.

Baldy wrote:

kalm wrote:
Meh…old news, but I don't mind what Coburn is trying to do here. If he's for universal disarmament (flat tax on every business) and can find a way to still fund the government, he has my support. Until then, these enterprises are simply taking advantage of the breaks that they've lobbied like hell for…oops, I mean that are legally at their disposal.

Well, we do want everyone paying their "fair share".

Coburn is halfway there. Closing loopholes, broadening the base and lowering rates is a good start.
The hard part is getting the 50% who don't pay to put some skin in the game.

Chizzang wrote:

Baldy wrote:
Well, we do want everyone paying their "fair share".

Coburn is halfway there. Closing loopholes, broadening the base and lowering rates is a good start.
The hard part is getting the 50% who don't pay to put some skin in the game.

Which 50% who don't pay..?
GE and Boeing..?

Ivytalk wrote:I thought klam's new favorite pol was that old Donk-turned-Conk-turned-fringe party hellion, Buddy Roemer.

Supported Gary Johnson in '12. Check.

Supports "campaign finance reform"(because he always sucked at raising money).Check.

Hasn't ruled out Quixotic challenge under the banner of whatever irrelevant party will have him. Check.