Study: Majority of US Tax Breaks, Incentives Benefit the Wealthy

A new study shows that tens of billions of dollars in US government tax breaks and other incentives mostly went to the wealthiest Americans last year. Of nearly $400 billion in spending to spur growth in home ownership, retirement savings, business start-ups and education, more than half benefited the wealthiest five percent of taxpayers. The study was sponsored by the Annie E. Casey Foundation and the Corporation for Enterprise Development. The authors conclude: "We can ill afford a federal wealth-building strategy that primarily helps those who are already wealthy."