Tax breaks help the wealthy

Billions of dollars in U.S. tax breaks to encourage home ownership, retirement savings, business start-ups and education mostly benefit top income-earners and do little to help low- and middle-income people build wealth, a report released yesterday said.<br />

 

Billions of dollars in U.S. tax breaks to encourage home ownership,
retirement savings, business start-ups and education mostly benefit top
income-earners and do little to help low- and middle-income people
build wealth, a report released yesterday said.

 

The U.S. government spent nearly $400 billion, mostly through
tax breaks, in 2009 to promote home-ownership and other wealth-building
strategies. And more than half of that benefited the wealthiest 5
percent of taxpayers, said the study sponsored by the nonprofit Annie
E. Casey Foundation and the Corporation for Enterprise Development.

 
 
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