The Titanic sails at dawn. Donna Cooper : Infographic Reveals Safety Net for the Wealthy. Chart from Center for American Progress. Infographic worth a thousand words! Tax entitlements rip the safety net By Donna Cooper / Center for American Progress / March 8, 2011 House leaders are unfortunately restricting their proposed budget cuts for the remainder of fiscal year 2011 to nonsecurity discretionary spending in an attempt to tame a $1.3 trillion deficit. This approach is especially shortsighted since the Federal Treasury loses twice as much revenue due to tax breaks as Congress appropriates on all non-security discretionary spending.The chart above compares the 10 safety-net programs slated for deep cuts with the cost of the tax breaks that should also be considered for reduction or elimination to bring the budget into balance. Most Americans would be surprised to learn that tax breaks are not on the table during any budget negotiations.
This tax break is also increasingly benefiting individuals who don’t need any federal incentives to purchase a home. Sources for tax breaks. Chicago News Cooperative - Reporting and Analysis About What Matters in Chicago. ProPublica. The Christian Science Monitor. The Progressive | Peace and social justice since 1909. The Nation. Mother Jones | Smart, Fearless Journalism.
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