• April 21, 2014

CBO: Wealthy get majority of savings on tax breaks

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Posted: Sunday, June 2, 2013 4:30 am

WASHINGTON — The 10 largest breaks in the U.S. tax code will save taxpayers more than $900 billion this year, with just over 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.

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      1 comment:

      • barbie500 posted at 12:26 pm on Mon, Jun 10, 2013.

        barbie500 Posts: 125

        These breaks for the rich are benefits that reduce their taxes, it doesn't mean they don't pay any, they pay plenty. Health insureance for their employees benefits people that work for them, so they should get a break. There are people that only work and earn a certain amount each year so they can get the earned income tax credit. THEY GET MONEY BACK THEY DON'T EVAN PAY IN. HOW IS THIS FAIR? Low income also benefit for deductions on state and local taxes, mortage interest. Lets everyone do their fair share, just cause someone works hard and makes more money shouldn't mean they should pay more and support someone who sits and does nothing.