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Earlier, we shared with you the thoughts of Americans for Tax Reform on Oklahoma Senator Tom Coburn’s rock-inspired “Back in Black” deficit reduction plan. Despite a silver lining that will allow whiny rich liberals to pay more taxes if they so choose, ATR wasn’t impressed, calling it a “Trillion Dollar Tax Hike.”
This is partly because Senator Coburn proposes the elimination of many tax expenditures. Of course, if you’re confused about what exactly a “tax expenditure” is, Senator Coburn took the time to explain it to everyone:
Tax expenditures are not tax cuts,” he said. “Tax expenditures are socialism and corporate welfare. Tax expenditures are increases on anyone who does not receive the benefit or can’t hire a lobbyist or special interest group to manipulate the code to their favor.”
It doesn’t appear that ATR has weighed in on this yet (and they are fond of quoting Coburn) but we don’t mind waiting.