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Response to MrScorpio (Original post)

Thu Mar 7, 2013, 05:37 PM

5. 6. Tax deductions for the rich could pay off 100 PERCENT of the deficit.

6. Tax deductions for the rich could pay off 100 PERCENT of the deficit.

Another stat that required a double-check. Based on research by the Tax Policy Center, tax deferrals and deductions and other forms of tax expenditures (tax subsidies from special deductions, exemptions, exclusions, credits, capital gains, and loopholes), which largely benefit the rich, are worth about 7.4% of the GDP, or about $1.1 trillion.

Other sources have estimated that about two-thirds of the annual $850 billion in tax expenditures goes to the top quintile of taxpayers.

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MrScorpio Mar 2013 OP
Jackpine Radical Mar 2013 #1
dsc Mar 2013 #3
pampango Mar 2013 #4
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Wilms Mar 2013 #2
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phantom power Mar 2013 #5
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