Saturday, January 19, 2008

Rich Americans Living High on Your Tax Dollars

Not too surprised, are you? An expose of rich Americans living off of American tax dollars was one of the segments of Friday's Bill Moyer's Journal on PBS. David Cay Johnson is the author of the book, Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You with the Bill) .

Just a few examples to get your blood flowing:

Warren Buffet- He got a $665 million interest-free loan for the utility he has in the Midwest.

Donald Trump benefits from a tax specifically levied by the State of New Jersey for the poor. Part of the casino winnings tax in New Jersey is dedicated to help the poor. But $89 million of it is being diverted to subsidize Donald Trump's casino's building retail space.

George Steinbrenner, like almost every owner of a major sports franchise, gets enormous public subsidies. And Steinbrenner is getting more than $600 million for the new Yankee Stadium.

George Bush owes almost his entire fortune to a tax increase that was funneled into his pocket and into the use of eminent domain laws to essentially legally cheat other people out of their land for less than it was worth to enrich him and his fellow investors.
BILL MOYERS: By building this stadium in Arlington, Texas.

You might like to read the transcript to see other billionaires getting tax dollars for free so that the next time some right-wing GOPer tells you that he's sick of welfare mothers cheating the tax payers, you'll be able to cut him off at the knees.

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