earners saved $ billion with , a tax .
Who gets the biggest tax breaks
Taxpayers will save more than $900 billion this year with the 10 largest tax breaks in the U.S. tax code, congressional budget analysts said Wednesday. The benefits aren't equally distributed, with a little more than half of the benefits flowing to the richest 20 percent of households. Read related article.
Hover over each bar to see taxpayers' projected savings (in billions of dollars) for the current calendar year.
Quintiles of taxpayers
Just over half the benefits flow to the richest 20 percent of households.
Three breaks primarily benefit lower-income households: the tax-free treatment of most Social Security benefits, the child tax credit and the earned-income tax credit.
Quintiles of taxpayers
Based on household size, people in each quintile made at least this amount before taxes:
-
Lowest earners:
One person: $0 Two person: $0 Four person: $0 -
Second-lowest earners:
One person: $24,700 Two person: $35,000 Four person: $49,500 -
Middle class earners:
One person: $38,500 Two person: $54,400 Four person: $77,000 -
Fourth-lowest earners:
One person: $55,100 Two person: $77,900 Four person: $110,200 -
Highest earners:
One person: $81,400 Two person: $115,100 Four person: $162,800
Four types of tax breaks are shown here: Deductions reduce taxable income; credits reduce a person’s tax liability; exemptions reduce taxes by a set amount, and preferential rates lower rates on certian kinds of income.
SOURCE: Congressional Budget Office.
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