"Tax Avoidance On the Rise: It's Twice the Amount of Social Security and Medicare"
Tax Avoidance On the Rise:It's Twice the Amount of Social Security and Medicare
http://www.nationofchange.org/tax-avoidance-rise-it-s-twice-amount-social-security-and-medicare-1357569601
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Three trillion dollars a yearthat's how much the wealthiest Americans avoid through the system of subsidies and schemes and sweet deals that deprive middle-class workers of their earned benefits. That's three times more than the deficit. That's enough for a full-time job for every middle-class household in America. Here are the distressing details:
1. Tax Expenditures: $1.25 trillion
These subsidies from special deductions, exemptions, exclusions, credits, capital gains, and loopholes are estimated to be worth 7.4 percent of the GDP or about $1.1 trillion. They largely benefit the richest taxpayers. Business subsidies bring the total to $1.25 trillion.
That alone is almost enough to pay for Social Security ($884 billion) and Medicare ($524 billion).
But there's so much more.
2. Tax Underpayments: $450 billion
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