Friday, March 08, 2013

Big Spender

Nancy Pelosi, pictured sharing her IQ (0) and the scientific community is united in that fact, says “tax cuts are spending”.

Letting me keep more of my money doesn't constitute spending on your part.

Pelosi continued --

Tax expenditures, they are called. Subsidies for big oil, subsidies to send jobs overseas, breaks to send jobs overseas, breaks for corporate jets. They are called tax expenditures. Spending money on tax breaks. And that’s the spending that we must curtail as well.

These are the top 20 biggest "Tax Expenditures" which cost the government over $900 billion in the 2012 fiscal year.

Those are "subsidies" for the average American and not big business.

According to the Congressional Budget Office (CBO), The tax expenditures that have the largest impact on revenues involve the exclusion from workers’ taxable income of employers’ health insurance contributions; the exclusion of contributions to and earnings of pension funds; and the deduction for interest paid on mortgages for owner-occupied residences.

This chart from the CBO shows "tax expenditures" going forward.

Hold onto your wallet.


Post a Comment

<< Home