By Travis Waldron on Apr 15, 2013 at 9:35 am
Today is Tax Day, the day on which federal and state taxes are due for all Americans. Republicans have, of course, spent the year since Tax Day 2012 arguing that tax rates are too high and pushing for tax cuts for the wealthy at both the federal and state level. In reality, however, America’s tax code provides substantial benefits to the rich that working class Americans don’t get to enjoy.
State tax codes are heavily slanted toward the rich, as we’ve highlighted before. At the federal level, huge tax expenditures also make the tax code friendlier to the wealthiest Americans. The United States spends more than $1.3 trillion a year on tax expenditures, and while some of them help the middle class, many of them are aimed specifically at the wealthy, who receive an extra $250,000 a year in income thanks to tax breaks. Here are five ways the tax code benefits the wealthy: