Washington Post: Obamas Tax Cuts Benefit The Rich According to the Presidents own Congressional Budget Office, his tax breaks will mostly benefit RICH people this year. The 10 largest breaks in the U.S. tax code will save taxpayers more than $900 billion this year, with a little more than half the benefits flowing to the richest 20 percent of households, congressional budget analysts said Wednesday. And the richest 1 percent of households, those with at least $327,000 in annual income, get an especially big haul — about 17 percent of the total savings, according to the report by the Congressional Budget Office. According to the CBO, the biggest tax breaks by dollar value this fiscal year are the tax-free treatment of employer-provided health insurance (about $260 billion), preferential rates for dividends and capital gains ($160 billion) and tax-free contributions to retirement savings ($140 billion). Deductions for state and local taxes ($80 billion), mortgage interest ($70 billion) and contributions to charity ($40 billion) are also among the top 10, as is the tax-free treatment of capital gains on assets transferred at death ($50 billion). All of those breaks primarily benefit WEALTHY households, according to the CBO. Rounding out the top 10 are three breaks that primarily benefit lower-income households: the tax-free treatment of most Social Security benefits ($35 billion), the child tax credit ($60 billion) and the earned-income tax credit ($60 billion). The party of the rich are at it again. making the rich richer. But, thats ok. Just be man enough to come right out and admit it.
Posted on: Tue, 21 Oct 2014 02:59:04 +0000
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