Tuesday, March 15, 2011

Tax Loopholes, credits, write-offs - an elephant in the room

Jamelle Bouie at The American Prospect:
The Center on Budget and Policy Priorities has a nifty chart showing the huge impact of tax expenditures -- credits, loop holes, write-offs, etc. -- on the federal budget. Short story: In terms of overall spending, tax expenditures dwarf virtually everything else, including major entitlement programs:

What's more, because of their design, tax expenditures tend to benefit those near the top of the income distribution...when we're too "broke" for spending on the poor and disadvantaged, but money ain't a thang when it comes to tax benefits for the well-off, it's a sign that our budget discourse is sharply titled toward the interests of the privileged.

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