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$1 trillion dollars in savings over the next ten years by eliminating tax credits and deductions

It’s not often I agree, even in part, with a conservative Republican, but Tom Coburn has proposed $1 trillion dollars in savings over the next ten years by eliminating tax credits and deductions, and I like his thinking:

(From Howard Gleckman at the Tax Policy Center:)

Cap the deduction on mortgage interest for primary residences and eliminate it for second homes.

Cap the exclusion on the value of employer-sponsored medical insurance.

Eliminate a range of tax breaks for production of alternative fuels and the purchase of energy efficient products, as well as some tax credits for the production of oil and gas.

Repeal a range of subsidies aimed at encouraging development in certain designated neighborhoods, such as empowerment zones and renewal communities.

Abolish a bunch of industry-specific tax breaks for railroads, agriculture, tackle box makers, NASCAR, dog and horse tracks, etc. etc.

He says: “Tax expenditures are not tax cuts. Tax expenditures are socialism and corporate welfare. Tax expenditure are increases on anyone who does not receive the benefit or can’t hire a lobbyist…to manipulate the code to their favor.”

He goes on to propose outrageous cuts in a wide variety of programs that are essential to our economic and physical well-being, so of course I don’t completely agree with him, but he is certainly on a different wave-length than his Tea-party fearing compatriots.