Wednesday, May 29, 2013


but it would be terrific if we could eliminate the tax deductions that benefit only the bottom line of the wealthiest Americans.
Top U.S. tax breaks to cost $12 trillion over decade, benefit wealthy: CBO
By David Lawder

WASHINGTON | Wed May 29, 2013 8:52pm EDT

Further, 17 percent of the total benefits would go to the top 1 percent of income earners -- families earning roughly $450,000 or more. The same group that was hit with a tax rate hike in January.

The benefits of preferential tax rates on capital gains and dividends, a break worth $161 billion this year, go almost entirely to the wealthy, including 68 percent to the top one percent of earners.
The CBO also notes that the top 20% enjoy a percentage income gain almost as large as the bottom 20%, as seen in the lower graph:
Here's the complete report.


Ken Hoop said...

Any meaningful reform of that nature I'm afraid will have to start on the streets.

Steve J. said...

Yup and I'm getting closer to thinking it's time.