We propose a new law: Let's call it The Millionaire Subsidy Elimination Act. It would prohibit anyone with an annual income over $1 million from receiving any government benefits. There's a big advantage to cutting benefits to millionaires rather than raising their tax rates to 40% or 50%. Slashing expenditures would help grow the economy, while raising tax rates would hurt U.S. competitiveness and job creation.
Let us be clear on one point: We do not mean to demean the wealthy. The gratuitous bashing of rich people by the president and so many others in Washington is downright offensive. The United States is an affluent society because Americans reap rewards when they employ their talents, their innovative ideas, their entrepreneurial drive, and their sweat equity in ways that make products or provide services we all enjoy.
Senator Coburn's report:
The Millionaire Subsidy Elimination Act