America's richest tax breaks
April 26th, 2011
10:21 AM ET
4 years ago

America's richest tax breaks

NEW YORK (CNNMoney) - Don't expect any hugging or kissing. But Democrats and Republicans may eventually at least hold hands in solidarity over one big idea: Scale back or eliminate tax breaks in exchange for lowering rates.

Today, there are dozens of tax credits, deductions and exclusions that cost federal coffers more than $1 trillion a year. That's a little more than a third of all annual federal spending.

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Filed under: Taxes
soundoff (11 Responses)
  1. ConservaFascists -aka- Mammon

    A trillion dollars in a tax breaks. That's just ridiculous. It's time that the rich start paying their fair share. Fascism is laive and well in the U.S.

    April 26, 2011 10:39 am at 10:39 am |
  2. Four and The Door

    ConservaFascists -aka- Mammon
    A trillion dollars in a tax breaks. That's just ridiculous. It's time that the rich start paying their fair share. Fascism is laive and well in the U.S.
    __________________________________________________________________________________________________
    I agree with you that tax breaks need to be on the table for cutting the cost of the federal government. But this is no billionaire conspiracy. Most of these were to help middle class people save, own a home and get health care. But cut with the hate. It is at best childish and annoying.

    April 26, 2011 11:03 am at 11:03 am |
  3. Riff*Raff

    A trillion dollars -1/3rd of all spending in tax cuts! Scale back? Let's get rid of this garbage. It is costing we the people obscene amounts of money. For what? These companies are not hiring us, they are taking jobs away & out of this country, cutting our pay and benefits along the way and yet we're on the verge of fiscal disaster because of it. We're told to be happy that we even have a job?! Insanity. We need to get rid of Congress nd start over again. Term limits and no lobbyists. These lifetime politicians are ruining us while paying themselves a fortune doing it.

    April 26, 2011 11:05 am at 11:05 am |
  4. Sniffit

    The top 5 in that chart only add up to 42% of the tax cuts and yet they will be attacked the hardest and most vocally because they are the top 5. What, one might wonder, insidiious plutocratic crap will escape scrutiny because of the bright shiny political distraction of the top 5? Do your job, "journalists."

    April 26, 2011 11:05 am at 11:05 am |
  5. Rudy NYC

    Does Washington have a spending problem? Aye or Nay (Aye)
    Does Washing have a revenue problem? Aye or Nay (Aye)

    Does a solution need to tackle the above two questions? Aye or Nay (Aye)
    Does a solution need to ignore of the above two questions? Aye or Nay. (No way)

    April 26, 2011 11:08 am at 11:08 am |
  6. Anonymous

    There is still a long way to go in this debate around taxes and debt reduction, but the only thing for sure is that by Mid-year the govt will have to make a move. About time. Unfortunately, the people who can least afford it are going to be hit the hardest once again

    Andy

    April 26, 2011 11:18 am at 11:18 am |
  7. Sniffit

    "Most of these were to help middle class people save, own a home and get health care."

    Irrespective of WHY or HOW they came about, they largely produce a far FAR greater benefit for the very wealthy and corporations than they do for the middle-class and working poor. This is an undeniable mathematical FACT. It doesn't really matter why they came about or what the motivation or intent was, because it is now well known that they have a disparate effect on various economic classes...sooo, the question becomes "what are we going to do about that to make it more fair?"

    Now, guess where the money and influence will be coming from to make the answer as close to "nothing" as possible.

    April 26, 2011 11:32 am at 11:32 am |
  8. maf

    It appears the whole tax system needs an overhaul.
    Should the middle class be burdened with higher taxes because their tax breaks are extinguished? NO
    Should corporations be able to get away without paying taxes (ie. GE)? NO
    Should the Bush tax cuts to the wealthy be extended any further? Probably not, but that brings to light issues around what the wealthiest individuals and corporations do with their money. In the world of high finance, there is no way the lower and middle class understand what other ways this money is utilized. There are donations to social programs that don't get funded from Government sources, there is investment in R & D, etc etc. I don't believe that tax breaks are easing the unemployment rates, but they certainly may be helping the economy in other ways.

    April 26, 2011 11:35 am at 11:35 am |
  9. Rick McDaniel

    Wanna bet they don't really do that? They don't want taxes too simple........they want the IRS to have room to maneuver in going after people.

    April 26, 2011 11:39 am at 11:39 am |
  10. rusty155

    The RICH need to pay there fair share. These tax break are dumb.

    April 26, 2011 11:50 am at 11:50 am |
  11. Marie MD

    The rich, most of whom don't pay their share of taxes, should be made to pay more. This country was a haven for he middle class.

    April 26, 2011 11:54 am at 11:54 am |