$2 Trillion Wasted On Tax Breaks For Wealthy
Bill Scher | May 30, 2013
A new Congressional Budget Office report is making headlines for finding that the top 10 income and payroll tax “expenditures” – deductions, credits and other tax breaks – amount to $12 trillion over a 10-year period. That’s more than Medicare, Social Security or defense spending.
But like with Medicare, Social Security or defense spending, not all of that money is wasted or unfairly distributed. That $12 trillion includes child tax credits, mortgage deductions and health care deductions.
Nevertheless, a whopping $2 trillion of that goes to folks who make more than $450,000 a year. In other words, 17 percent of all tax breaks goes to the top 1 percent.
$2 trillion is about double the 10-year cost of the sequester. MOREHERE
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