"The CBO report confirms previous studies. A report from the Corporation for Economic Development (CFED) shows that asset building policy in the U.S. disproportionately benefits highest earners. In 2010, the U.S. government spent $400 billion on asset building policies that help families buy homes, start businesses, and pay for post-secondary education. Unfortunately the CFED report found that 53% of all subsidies went to the top 5 percent of taxpayers—those with incomes higher than $160,000. The top fifth of taxpayers—those with incomes greater than $80,000—received 84% of the benefits, with an average subsidy of $5,109 per taxpayer. The average asset subsidy awarded to households making more than $1 million was nearly $96,000. In contrast, the bottom 60% of taxpayers (those making $50,000 or less) received only 4% of the benefits, and the bottom fifth of taxpayers (incomes of $19,000 or less) received 0.04% of benefits, amounting to $5 on average for each taxpayer.
All of this data point to the conclusion that our government does not necessarily spend too much on the poor: it spends too much on the rich. It forgoes trillions of dollars in revenue so that the rich can continue accumulating wealth and widening the wealth gap. To actually fight poverty, we must redirect our country’s income tax exclusions, deductions, preferential tax rates and tax credits away from the wealthy and towards those who actually need it."
(July 24, 2013 by Karen K. Harris)
With so much data all over the internet, there is not enough time to decipher it all and come to a valid conclusion on where the real thieves are, the rich, the poor or the politicians.
If you really want to see welfare at work, look no further than our politicians at all levels of government.
They don't really work and they definitely don't live in poverty. They come in as part of the top 10% and leave as one of the top 1%. All supported by tax dollars at every turn and every luxury they can get their grubby little hands on.
