Last week in "Ten Myths About Our Budget Mess" I discussed in Myth #2 how America's wealthiest (and upper middle class) benefit from more than a trillion dollars in tax exemptions and tax deductions. These refunds are really taxpayer funded gifts that help subsidize corporate America's profits. I didn't provide any details other than to note that we could go a long way in solving our budget problem if we went after some of these deductions.
Below, courtesy of the Huffington Post we have a pretty good break down of the ten most expensive exemptions and deductions that transfer wealth from you and me, and end up costing us at least a trillion in revenue per year - and even more in the future (click to expand).
As I pointed out in my earlier post, if the GOP were really serious about our budget deficits they would be looking at reducing or eliminating some of these exemptions and deductions. But they're not serious. So don't expect them to consider any of these deductions and refunds.
- Mark
Below, courtesy of the Huffington Post we have a pretty good break down of the ten most expensive exemptions and deductions that transfer wealth from you and me, and end up costing us at least a trillion in revenue per year - and even more in the future (click to expand).
As I pointed out in my earlier post, if the GOP were really serious about our budget deficits they would be looking at reducing or eliminating some of these exemptions and deductions. But they're not serious. So don't expect them to consider any of these deductions and refunds.
- Mark
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