Huffpost Politics

Tax Breaks Given To Families Outweigh Corporate Giveaways

Posted: Updated:
1040 FORM

As President Obama and congressional Republicans argue over how to rewrite the U.S. tax code, the debate has revolved around “loopholes” for corporate jets and ending “carve-outs” for well-heeled special interests. But if the goal is debt reduction, that’s not where the money is.

Broad tax breaks granted to millions of families at all income levels dwarf the corporate giveaways. Over the past two years, largely because of these popular benefits in the federal income tax code, the government has reached a rare milestone in tax collection — it has given away nearly as much as it takes in.

Read the whole story at The Washington Post

Around the Web

Tax credit - Wikipedia, the free encyclopedia

Who gets the most tax breaks? Families, not corporations | Nation ...

New Republic: Why We Need Payroll Tax Cuts

How Do Tax Cuts, Hikes Fit Into Obama's American Jobs Act?