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Coburn, Lankford Co-Sponsor Bill to End Umemployment Benefits for Millionaires (Feb 09, 2011)

Two Oklahoma lawmakers have joined a pair of their Congressional colleagues in introducing a bill that would end unemployment payments to jobless millionaires.  U.S. Sen. Tom Coburn (R-OK) and U.S. Rep. James Lankford (R-OK5) introduced the bill along with U.S. Sens. Mark Udall (D-CO) and Jon Tester (D-MT).

Coburn, a well-known deficit hawk, says stopping federal unemployment payments to those whose tax returns report an income of $1 million or more would save about $20 million per year.

"In a federal budget rife with waste, duplication and, sometimes, sheer stupidity, giving unemployment benefits to millionaires may take the cake," Coburn said in a statement.  "If there was ever a common sense spending cut, this is it."

Coburn said Internal Revenue Service figures show 2,840 households reported an income of $1 million or more on their tax returns, and were paid a total of $18.6 million in unemployment benefits in 2008.

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