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Retirement Planning > Social Security

Welfare for Millionaires (The Daily Beast)

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A report obtained earlier this month by Newsweek reveals that Americans earning more than $1 million collect more than $30 billion in government tax breaks and even handouts each year. Celebrity examples include Jon Bon Jovi, who took federal dollars to raise honeybees on his property, Scottie Pippen, who received $210,520 in agricultural subsidies, and moguls David Rockefeller and Ted Turner, who have accepted more than half a million dollars in farm payments. And the stats don’t stop there: Since 2004, seven-figure earners have collected more than $9 billion in Social Security payments, and more than 1,500 millionaires didn’t pay a dime in income tax last year. If you’re looking for fodder to keep the Occupy riots fresh, this is it.