Say it with me…math is hard.
Federal income tax breaks disproportionately benefit wealthier households, according to a report issued Wednesday that is certain to become ammunition in the budget battles as Congress debates the best ways to reduce Washington’s deficits.
The nonpartisan Congressional Budget Office found that the top 10 major tax breaks “are distributed unevenly across the income scale,” with the top 1% of households — those who make more than $450,000 a year — receiving more than 17% of the savings in 2013.
Totaling $900 billion a year, the top tax breaks include the mortgage-interest deduction, the low rate on dividends and capital gains, breaks for charitable giving and the tax-free status of employer-sponsored healthcare plans.
This is one of those things that makes sense in the zero-sum, mathematically challenged progressive mind. In their heads, the top 1% should only get 1% of the breaks because “EQUAL!” or something. If you look at the list above you will see the indignance is really about the fact that the rich have more to spend on houses, investing and charity. It’s the inane progressive nonsense about wealth being inherently evil.
In other news: pitchers receive more benefits from Tommy John surgery than any other players in baseball.