Who Gains Most from Tax Breaks

Filed in National by on April 20, 2012

David Leonhardt and the NYT have created another outstanding graphic trying to explain the landscape of current tax policy.  This one shows what taxpayers get the greatest benefit from the various tax breaks currently in the code by income group.  Click on the image for the larger graphic or click here if that doesn’t work.  This graphic is part of a great explainer that lays out what happens and the stakes for the coming end of lots of government benefits  in January 2014.  While this is a very good overview of what likely happens to taxpayers when some of this expires, it is important that journalists point out how this kind of massive change gets to the thing that alot of our politicians are trying to sell — and that is deficit reduction as a goal that is worthy unto itself.  People need to understand that deficit reduction is not an abstract thing.  it will take money out of the pockets of everyone — whether you can afford it or no.

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  1. nemski says:

    This was quite a depressing article. The lame duck session in 2012 is going to get ugly. The fact of the matter is that that if Obama and Congress let the Bush tax cuts expire, it will hurt quite a few in the pocketbook. But, the gains to paying our our debt would be tremendous.

  2. Jason330 says:

    It is depressing to know that “deficit reduction” is being championed by people who have so little concept of money that they drink out of hotel room mini-bars.

  3. Idealist says:

    I’d like to think the coming expiration of the Bush Tax Cuts gives the D’s leverage. They’re on the side of popular opinion in wanting to eliminate the Bush tax cuts for the top 1%, while maintaing them for everyone else. It’s hard to imagine the Republicans arguing that allowing the tax cuts to expire for everyone is preferable to raising taxes on the the very rich.

  4. PBaumbach says:

    I periodically get on my soap box on this issue.

    The coming tax hikes should be called the Bush Tax Hikes. he pushes legislation that lowered the rates for a few years, followed by raising them a few years later.

    If I went on a credit card spending spree, the goods I purchased would be called the PBaumbach goods, and the bills that I had to pay later would be called the PBaumbach goods.

    Let’s call them accurately.

    The country is facing the Bush Tax Hikes.