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.