The Top 10 Tax Breaks -- And How They Help The Wealthy The Most

[cal04]

Dan Froomkin, Jake Bialer
http://www.huffingtonpost.com/2011/04/18/the-top-10-tax-breaks-_n_850534.html

This is the time of year when we are most aware of our tax burdens. But what we may be less aware of are all the huge tax breaks built into our system. Most Americans benefit from one or more -- but it's the wealthy who benefit the most.

The government spends money through appropriations and writing checks, but it also showers individuals and companies with a astonishing array of special exemptions, credits and deductions that amount to a $1.1 trillion giveaway each year. (For comparison: the big budget fight that concluded last week cut spending by about $38 billion.)

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But in stark contrast to, say, social programs, tax breaks vastly favor the rich over the middle class and the poor.

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Some of these terms may require a little explanation:
(more at link)

[Warren Stupidity]

1. Ah it is a coordinated all out BULLSHIT BARRAGE on the mortgage deduction.

I get it now. Look at your chart. One of these lines is not like the others. One of these lines is just not the same.

[inna]

2. invisible K&R

(who's unrec'ing this?? what the heck??)

[mainer]

3. Except for capital gains, these seem to help middle class, too

deductions for mortgage interest, retirement plans, charitable contributions, state and local taxes -- don't most middle class households benefit from these?

(Although I do agree that these are precisely the categories that lower-income households don't benefit from)

[JPZenger]

4. Limit the amounts of the deductions

The goal is to limit the amount, not to get rid of the deductions.

However, whenever there is discussion about limiting the amounts of the home mortgage interest and similar deductions, people from high cost areas (such as the Bay Area and NYC) argue that a limit is unfair to them.

[Warren Stupidity]

5. How about simply RAISING THE TAX RATES

on those people making, oh I don't know, 250,000 and up?