Government Tax Expenditures Mostly Benefit Richest, Poorest Americans

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The Congressional Budget Office’s tax expenditures report, released today, shows that the richest Americans benefit enormously from tax breaks–including those of low capital gains rates, tax-free investments such as a 401k, and many others. As a percentage of income, the poorest citizens benefit the most, but the richest 20% account for 50% of total government tax expenditures. The middle 60% benefit the least.

–from the Congressional Budget Office

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