Tax Breaks That Overwhelmingly Affect...

Economist Elliott Eisenberg, Ph.D. shares that personal income tax reform sounds great, but where can the tax cuts come from?  He looks at the five largest tax breaks in terms of dollar cost to the Treasury:

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.