“Major tax breaks favor rich minority.” That was an actual headline in the Morning Call today. Is that really news? What can we expect tomorrow? “Rich minority has disproportionate influence on elections.” “Rich minority gets better health care.” “Kids of rich minority more likely to attend top colleges.”
But just in case you are interested, the article says that the Congressional Budget Office found that 17% of the tax breaks go to the top 1% of households--those making more than $450,000 a year. Approximately 70% of the benefits from the lower tax rate on capital gains and dividends is going to the top 1%.
On the other hand, I believe those people are the “job creators.” Or so I’ve heard.
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