Tax breaks, loopholes if you will, are for the wealthy, the system is rigged, unfair and at the expense of working Amercans, right?
There are all kinds of tax breaks for very average people, there are credits, refundable credits, tax free ways to put money aside, even to lower the Social Security taxes paid. There are any number of subsidies … and all of these are based on income, not net worth or assets. Because of that many of these benefits are restricted for higher earners.
It’s all quite a deal. Read the following and then link to the blog from which this is taken to see the details of what is involved and how the IRC in fact benefits all Americans.
Almost all wage earners can take advantage of tax deferred savings plans. Having a bunch of kids isn’t necessarily a great way to save a bunch of money, but I will demonstrate how having kids led to big tax breaks in our situation. On a $150,000 income, we pay 0.1% of our income in federal income taxes. Even without kids, our tax rate would have been under 4%. You won’t find any clever or unique tax dodges here. No shady or questionable tax treatments. No one is committing federal tax fraud. We simply did the research and put a plan in place to maximize our tax savings.Source: $150,000 Income, $150 Income Tax – Root of Good
Sorry, the deductions, exemptions, offsets and loopholes only apply to those who pay income taxes. Ask yourself, what are the loopholes that allow 47+% of households with income to avoid ALL income taxes, and where a substantial minority of that same 47+% are actually paid/receive income taxes that are effectively surcharges charged to those who pay income taxes – the minority who qualify to receive taxpayer monies in the form of refundable credits.