Again, as a reminder, I’m mostly MIA through the end of school. But I wanted to share one of the graphs from Derek Thompson’s tax week frenzy on who benefits from tax breaks, broken down by type and income level:
As you can see exclusions make up the lion’s share of tax expenditures, which while primarily benefiting the top twenty percent of income earners you can also see it playing a large role for the bottom eighty percent.
I would also note that both party platforms have spent a lot of time focusing on reductions that represent the smaller slices of the tax code: Refundable credits (GOP) and dividends/capital gains (Dem). Few have advocated touching the largest portion and, given how broad that category is, one can really walk away with the sense that it’s a political hot-potato for both parties.