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(11,733 posts)
Thu Mar 27, 2014, 12:02 AM Mar 2014

NYT's Kristof: 5 wasteful public welfare programs that should be stopped [View all]

Source: New York Times

In the debate about poverty, critics argue that government assistance saps initiative and is unaffordable. After exploring the issue, I must concede that the critics have a point. Here are five public welfare programs that are wasteful and turning us into a nation of “takers.”

First, welfare subsidies for private planes. The United States offers three kinds of subsidies to tycoons with private jets: accelerated tax write-offs, avoidance of personal taxes on the benefit by claiming that private aircraft are for security, and use of air traffic control paid for by chumps flying commercial.

... Second, welfare subsidies for yachts. The mortgage-interest deduction was meant to encourage a home-owning middle class. But it has been extended to provide subsidies for beach homes and even yachts.

... Third, welfare subsidies for hedge funds and private equity. The single most outrageous tax loophole in America is for “carried interest,” allowing people with the highest earnings to pay paltry taxes. They can magically reclassify their earned income as capital gains, because that carries a lower tax rate (a maximum of 23.8 percent this year, compared with a maximum of 39.6 percent for earned income).

... Fourth, welfare subsidies for America’s biggest banks. The too-big-to-fail banks in the United States borrow money unusually cheaply because of an implicit government promise to rescue them. Bloomberg View calculated last year that this amounts to a taxpayer subsidy of $83 billion to our 10 biggest banks annually.

... Fifth, large welfare subsidies for American corporations from cities, counties and states. A bit more than a year ago, Louise Story of The New York Times tallied more than $80 billion a year in subsidies to companies, mostly as incentives to operate locally.

Read more: http://www.nytimes.com/2014/03/27/opinion/kristof-a-nation-of-takers.html

55 replies = new reply since forum marked as read
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sorry I can only rec once 2pooped2pop Mar 2014 #1
Me, too! calimary Mar 2014 #50
K/R. (nt) NYC_SKP Mar 2014 #2
KICK! Cha Mar 2014 #3
good points !! nt steve2470 Mar 2014 #4
kr....nt MindMover Mar 2014 #5
Gee...I've known about all of these... SoapBox Mar 2014 #6
These need to be named each and every time a Republican or DINO trots out that old phrase LuckyLib Mar 2014 #7
Yeah, just wait until the Democrats hear about this! And the liberal media! Whoooooooo!! Scuba Mar 2014 #21
K & R Iliyah Mar 2014 #8
Damn, that was REALLY unexpected mindwalker_i Mar 2014 #9
DC is a racket. blkmusclmachine Mar 2014 #10
be aware allinthegame Mar 2014 #11
Yep Aerows Mar 2014 #43
K&R stage left Mar 2014 #12
more than $12 billion annually in tax subsidies for corporate meals and entertainment. ErikJ Mar 2014 #13
And they "have" the money to pay for their own food. LakeVermilion Mar 2014 #49
How about the oil company subsidies to the tune of about $4 billion a year? world wide wally Mar 2014 #14
+1 sakabatou Mar 2014 #15
I'll be posting this on Facebook and a few other places. TexasTowelie Mar 2014 #16
Great idea! Post to FB and make this go viral! 2banon Mar 2014 #52
k n r cui bono Mar 2014 #17
K&R CFLDem Mar 2014 #18
They certainly Should, Sir The Magistrate Mar 2014 #19
Great photo fasttense Mar 2014 #40
But but, this would affect the job creators! Enthusiast Mar 2014 #20
Job creators get all that assistance, so where are the jobs? IronLionZion Mar 2014 #23
Yes. If we would just cut their taxes again maybe this time they wouldn't outsource Enthusiast Mar 2014 #24
As long as we keep doing the same things, we can expect a different outcome. nt IronLionZion Mar 2014 #25
Sounds like the best list ever nt MrScorpio Mar 2014 #22
Kristof - I'm in love with that guy. DebJ Mar 2014 #26
I saw "Kristol" in the post headline Ratty Mar 2014 #37
Yin and yang. n/t DebJ Mar 2014 #38
"TIF districts" (tax-incremented financing) are a GREAT example of #5 : bullwinkle428 Mar 2014 #27
TIFs from cities to corporations are damaging JimDandy Mar 2014 #28
Agreed! KansDem Mar 2014 #29
K & R a million times! mountain grammy Mar 2014 #30
k and r + a gazllion. niyad Mar 2014 #31
Yeah. That's gonna happen. Jakes Progress Mar 2014 #32
k&r SHRED Mar 2014 #33
We Deserve it BlueNAlabama Mar 2014 #34
The "yacht" subsidy is actually a "second home" deduction. Glassunion Mar 2014 #35
And some of us not in the 1% are using it. rwsanders Mar 2014 #46
would love to stick this in every Ayn Rand fan's face. n/t BlancheSplanchnik Mar 2014 #36
I just copied and pasted this article into my FB, I'm just sayin' drynberg Mar 2014 #39
But if welfare for private planes and yachts ended... dilby Mar 2014 #41
Kick Gin Mar 2014 #42
Huge K&R Blue Owl Mar 2014 #44
On air traffic control hootinholler Mar 2014 #45
Pic Of The Moment: It's Time To End Wasteful Welfare! allan01 Mar 2014 #47
I'm all for it! n/t RoccoR5955 Mar 2014 #48
Hey, look, something we can all agree upon! Blue_In_AK Mar 2014 #51
Yes! senseandsensibility Mar 2014 #53
knr alfredo Mar 2014 #54
K & R! Omaha Steve Apr 2014 #55
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