Cost of tax breaks

[Desperado]

CBO: Tax Breaks Cost $12 Trillion Over Decade, Benefit Most Wealthy

Top 20 pct of earners get half the benefit of top breaks

* Tax breaks on capital gains favor the wealthy

* Study favors Obama's approach to tax reform -Democrats

The top ten U.S. tax deductions, credits and exclusions will keep $12 trillion out of federal government coffers over the next decade, and several of them mainly benefit the wealthiest Americans, a new study from the Congressional Budget Office shows.

The top 20 percent of income earners will reap more than half of the $900 billion in benefits from these tax breaks that will accrue in 2013, the non-partisan CBO said on Wednesday.

Further, 17 percent of the total benefits would go to the top 1 percent of income earners -- families earning roughly $450,000 or more. The same group that was hit with a tax rate hike in January.

The benefits of preferential tax rates on capital gains and dividends, a break worth $161 billion this year, go almost entirely to the wealthy, including 68 percent to the top one percent of earners.

Why don't tax payers demand change from their congress person? Why do we keep re-electing the same Republican congress people that rob us?

You do realize that it isn't the government's money, it belongs to the person(s) that earned it, right?

That's it the problem right there. They really believe it is the government's money.

 

[Trajan]

The tax code for the 98% is very straightforward and relatively simple.

The tax code for the wealthy is not.

Those who can afford an army of tax lawyers and tax preparers are the ones who own congress. And, of course, the teepubs (aka Koch's little minions) will always protect them.

Why didn't the Democrats change this when they had a super majority in Congress from 2009 to 2011?

Because it didnt exist
The Democratic Super Majority Myth | 538 Refugees

sure it did, unless you cannot read your own link..........what you going to claim it wasn't 'long enough'....

and aside from that they don't need a supra majority for budgetary/tax issues....they had that in spades.....didn't they?

 

[noose4]

Why didn't the Democrats change this when they had a super majority in Congress from 2009 to 2011?

Because it didnt exist
The Democratic Super Majority Myth | 538 Refugees

sure it did, unless you cannot read your own link..........what you going to claim it wasn't 'long enough'....

and aside from that they don't need a supra majority for budgetary/tax issues....they had that in spades.....didn't they?

The initial post claims they had it from 2009-2011 with no mention of the parts during that time period when it wasnt so.

 

[itfitzme]

The tax code for the 98% is very straightforward and relatively simple.

The tax code for the wealthy is not.

Those who can afford an army of tax lawyers and tax preparers are the ones who own congress. And, of course, the teepubs (aka Koch's little minions) will always protect them.

your use of the loaded nebulous term, "wealthy" is, well, not conducive to debate, be specific, very specific....go ahead.

Hmm.. let's see 100% - 98% = 2%

Not that hard.

Or, if you read the OP "Top 20 pct of earners get half the benefit of top breaks". That is 20%, if word problems are difficult for you.

 

[itfitzme]

What a false dilemma.

A better topic would be the costs of taxes themselves to our economy.

There is no cost to the economy. The cost to our economy is lost productivity.

 

[itfitzme]

CBO: Tax Breaks Cost $12 Trillion Over Decade, Benefit Most Wealthy

Top 20 pct of earners get half the benefit of top breaks

* Tax breaks on capital gains favor the wealthy

* Study favors Obama's approach to tax reform -Democrats

The top ten U.S. tax deductions, credits and exclusions will keep $12 trillion out of federal government coffers over the next decade, and several of them mainly benefit the wealthiest Americans, a new study from the Congressional Budget Office shows.

The top 20 percent of income earners will reap more than half of the $900 billion in benefits from these tax breaks that will accrue in 2013, the non-partisan CBO said on Wednesday.

Further, 17 percent of the total benefits would go to the top 1 percent of income earners -- families earning roughly $450,000 or more. The same group that was hit with a tax rate hike in January.

The benefits of preferential tax rates on capital gains and dividends, a break worth $161 billion this year, go almost entirely to the wealthy, including 68 percent to the top one percent of earners.

Why don't tax payers demand change from their congress person? Why do we keep re-electing the same Republican congress people that rob us?

You do realize that it isn't the government's money, it belongs to the person(s) that earned it, right?

Well, actually it doesn't. What belongs to the person is what they purchase with it. The money is common tool that belongs to the economy. It is an accounting tool that accounts for having spent time doing work.

 

[MeBelle]

The rest of the story left out of the OP:

Although the study did not provide income thresholds, U.S. Census Bureau data for 2011 shows the top 20 percent of household income extends to down to $101,582, a level that is considered middle-class in many parts of the United States. The lowest quintile topped out at $20,262 in the Census data.





Top U.S. tax breaks to cost $12 trillion over decade, benefit wealthy: CBO

 

[Quantum Windbag]

CBO: Tax Breaks Cost $12 Trillion Over Decade, Benefit Most Wealthy

Top 20 pct of earners get half the benefit of top breaks

* Tax breaks on capital gains favor the wealthy

* Study favors Obama's approach to tax reform -Democrats

The top ten U.S. tax deductions, credits and exclusions will keep $12 trillion out of federal government coffers over the next decade, and several of them mainly benefit the wealthiest Americans, a new study from the Congressional Budget Office shows.

The top 20 percent of income earners will reap more than half of the $900 billion in benefits from these tax breaks that will accrue in 2013, the non-partisan CBO said on Wednesday.

Further, 17 percent of the total benefits would go to the top 1 percent of income earners -- families earning roughly $450,000 or more. The same group that was hit with a tax rate hike in January.

The benefits of preferential tax rates on capital gains and dividends, a break worth $161 billion this year, go almost entirely to the wealthy, including 68 percent to the top one percent of earners.

Why don't tax payers demand change from their congress person? Why do we keep re-electing the same Republican congress people that rob us?

We should all get together and demand that the CBO stop lying, tax breaks do not cost anyone anything.

 

[Quantum Windbag]

The tax code for the 98% is very straightforward and relatively simple.

The tax code for the wealthy is not.

Those who can afford an army of tax lawyers and tax preparers are the ones who own congress. And, of course, the teepubs (aka Koch's little minions) will always protect them.

Have you ever done taxes? Do you have any idea how complicated it is to figure your taxes if you actually do the math yourself?

 

[Quantum Windbag]

The tax code for the 98% is very straightforward and relatively simple.

The tax code for the wealthy is not.

Those who can afford an army of tax lawyers and tax preparers are the ones who own congress. And, of course, the teepubs (aka Koch's little minions) will always protect them.

your use of the loaded nebulous term, "wealthy" is, well, not conducive to debate, be specific, very specific....go ahead.

Wealthy, anyone who pays taxes.

 

[itfitzme]

CBO: Tax Breaks Cost $12 Trillion Over Decade, Benefit Most Wealthy

Top 20 pct of earners get half the benefit of top breaks

* Tax breaks on capital gains favor the wealthy

Why don't tax payers demand change from their congress person? Why do we keep re-electing the same Republican congress people that rob us?

Because they think that if their taxes are lower, they can buy more stuff. *They don't get that when their taxes go down, prices go up because they have more money to spend.

Thinking through a feedback loop isn't possible. They can only get through one step.

 

[Quantum Windbag]

The tax code for the 98% is very straightforward and relatively simple.

The tax code for the wealthy is not.

Those who can afford an army of tax lawyers and tax preparers are the ones who own congress. And, of course, the teepubs (aka Koch's little minions) will always protect them.

Why didn't the Democrats change this when they had a super majority in Congress from 2009 to 2011?

Because it didnt exist
The Democratic Super Majority Myth | 538 Refugees

Your link is very careful in explaining that the Democrats had a super majority from April 2009 to January 2010.

 

[Dot Com]

The tax code for the 98% is very straightforward and relatively simple.

The tax code for the wealthy is not.

Those who can afford an army of tax lawyers and tax preparers are the ones who own congress. And, of course, the teepubs (aka Koch's little minions) will always protect them.

Why didn't the Democrats change this when they had a super majority in Congress from 2009 to 2011?

Because it didnt exist
The Democratic Super Majority Myth | 538 Refugees

exactly. They keep trotting that out even though its been debunked.

from the link:

This was just barely enough time to pass the biggest and most difficult health care legislation in generations; an event that would likely never have happened under any other circumstances. This also happened under the onslaught of every procedural obstruction the Republicans could put in its path.

 

[itfitzme]

Deductions, credits, and exclusions keep money circulating in the economy and it gets reinvested back into business activity.

What the fuck would the government do with all that money anyway?

Increase SSI, SSDI, Medicare, and Medicaid would be useful. Increasing funding to education and highway maintenance would be a couple of others.

 

[itfitzme]

The Libs keep talking about paying your fair share of taxes...
Just look at how much money is wasted on the interest payments we have to make on our staggering debt.

Imagine if we had that money to use....

Why aren't the Libs concerned about that?

Oh, I know we could use the taxes to to pay the debt that accumulated when discressionary spending was raised. There is an idea.

 

[itfitzme]

CBO: Tax Breaks Cost $12 Trillion Over Decade, Benefit Most Wealthy

Top 20 pct of earners get half the benefit of top breaks

* Tax breaks on capital gains favor the wealthy

* Study favors Obama's approach to tax reform -Democrats

The top ten U.S. tax deductions, credits and exclusions will keep $12 trillion out of federal government coffers over the next decade, and several of them mainly benefit the wealthiest Americans, a new study from the Congressional Budget Office shows.

The top 20 percent of income earners will reap more than half of the $900 billion in benefits from these tax breaks that will accrue in 2013, the non-partisan CBO said on Wednesday.

Further, 17 percent of the total benefits would go to the top 1 percent of income earners -- families earning roughly $450,000 or more. The same group that was hit with a tax rate hike in January.

The benefits of preferential tax rates on capital gains and dividends, a break worth $161 billion this year, go almost entirely to the wealthy, including 68 percent to the top one percent of earners.

Why don't tax payers demand change from their congress person? Why do we keep re-electing the same Republican congress people that rob us?

We should all get together and demand that the CBO stop lying, tax breaks do not cost anyone anything.

You forgot to mention the BLS, the BEA, the Federal Reserve, 90% of the media, the IPCC, and the entire body of academics.

It is interesting, I've noticed, that the peoplenthat most accuse others of lying are people who have a tendency to lie. Its likemdrug addicts that think everyone uses drugs, alcholics that think everyone drinks, and child abusers that think every parent beats their kids, they all are just good at hiding it. Curious phenomina... we expect of others what we know ourselves to be.

 

[itfitzme]

The tax code for the 98% is very straightforward and relatively simple.

The tax code for the wealthy is not.

Those who can afford an army of tax lawyers and tax preparers are the ones who own congress. And, of course, the teepubs (aka Koch's little minions) will always protect them.

Have you ever done taxes? Do you have any idea how complicated it is to figure your taxes if you actually do the math yourself?

Yes and it is about as easy as math comes. Follow the directions; step 1-write amount from box 5 of w-2 on this line. Step 2-Multiply box 2 by $1,500 and enter number here. Step 3- Subtract amount on line 5 from amount on line 4 and enter it on line 6.

If you want, and it says so on the form, you can just enter the numbers from your W-2 and any 1099s then sign and send it in, the IRS will finish it for you.

Was a time when we had to balance our checkbook once a month.

 

[itfitzme]

Why didn't the Democrats change this when they had a super majority in Congress from 2009 to 2011?

Because it didnt exist
The Democratic Super Majority Myth | 538 Refugees

Your link is very careful in explaining that the Democrats had a super majority from April 2009 to January 2010.

Good, thank for saving me the effort. 2010 is less than 2011.

 

[CrusaderFrank]

The tax code for the 98% is very straightforward and relatively simple.

The tax code for the wealthy is not.

Those who can afford an army of tax lawyers and tax preparers are the ones who own congress. And, of course, the teepubs (aka Koch's little minions) will always protect them.

Tax code has no effect on Dem base, they're all about "gimme gimme gimme!"

 

[itfitzme]

The phrase "cost of tax breaks" is an oxymoron unless you believe all money belongs to the government and they only let us use it for a while. In that case you are a moron promoting an oxymoron.

Even Laffer, understood the idea.