Employee Health Care = $207b
Employee Sponsored Retirement Plans = $103b
Mortgage Interest Deduction = $74b
Lower Taxes on Capital Gains = $69b
Deduction on Charitable Donations = $57b
Add it all up for a total of $510b
I believe that this years’ budget deficit was recently forecasted at about $480b.
Looks to Elliott like Congress can balance the budget, without cutting spending, by just getting rid of these 5 tax breaks. Sounds too simple.
It is. Problem is….these are tax breaks that overwhelmingly affect…THE MIDDLE CLASS.
Woops…..that would be me.
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