As I argued Monday on RealClearPolicy, tax expenditures consume a staggering share of national resources and serve as a surreptitious safety
net trampoline for the top one percent. What’s my evidence? Well…
According to a report released on May 29 by the Congressional Budget Office (CBO), the vagaries of the U.S. tax code obscure upwards of $1 trillion in government spending. Affectionately known as breaks or loopholes, these “tax expenditures” overwhelmingly benefit the richest Americans—at the expense of everyone else.
The ten largest loopholes—things like employer-sponsored health insurance exclusions, mortgage interest deductions, and preferential rates on investments—account for the lion’s share of tax expenditures, or $926 billion annually.
Check out the full post to learn just how much America’s submerged welfare state is costing you.