Or does it?
The federal tax code gives you plenty of tax breaks to help you invest in savings, your home and your retirement.
Or does it?
Here’s who really benefits:
If this is what yo
u mak e
+1,000,000
Here’s what you get each year in tax breaks1:
+
$500,000
$95,820
$100,000
$16,489
$70,000
$2,864
$50,000 $30,000
Median household income in 2009: $50,599*
$ 15 k $ 10 k
$970 $50 $81 $12 $4
The federal government spends $500 billion a year on tax breaks aimed at helping Americans build assets and wealth. But more than half of these benefits go to the top 5 percent of Americans earning more than $167,000 a year. Turning this upside-down system right side up can help more Americans achieve financial security and success. Learn more at www.cfed.org.
Benefits included in this calculation: mortgage interest deduction, property tax deduction, and preferential rates on capital gains and dividends. Calculations based on 2009 data. Source: Beadsie Woo, Ida Rademacher and Jillian Meier, Upside Down: The $400 Billion Asset Building Budget, CFED and the Annie E. Casey Foundation, 2010. 1
*In 2010 dollars. Source: http://www.census.gov/hhes/www/income/data/historical/household
Or does it?
Here’s who really benefits:
If this is what yo
u mak e
+1,000,000
Here’s what you get each year in tax breaks1:
+
$500,000
$95,820
$100,000
$16,489
$70,000
$2,864
$50,000 $30,000
Median household income in 2009: $50,599*
$ 15 k $ 10 k
$970 $50 $81 $12 $4
The federal government spends $500 billion a year on tax breaks aimed at helping Americans build assets and wealth. But more than half of these benefits go to the top 5 percent of Americans earning more than $167,000 a year. Turning this upside-down system right side up can help more Americans achieve financial security and success. Learn more at www.cfed.org.
Benefits included in this calculation: mortgage interest deduction, property tax deduction, and preferential rates on capital gains and dividends. Calculations based on 2009 data. Source: Beadsie Woo, Ida Rademacher and Jillian Meier, Upside Down: The $400 Billion Asset Building Budget, CFED and the Annie E. Casey Foundation, 2010. 1
*In 2010 dollars. Source: http://www.census.gov/hhes/www/income/data/historical/household
