Tax Code: Here’s who benefits Most

The tax code bestows largesse upon low-income and high-net-worth taxpayers. This begs the question: which group gets the largest largesse? Low-income taxpayers can receive refundable credits, like the Earned Income Tax Credit, which makes it possible to get more money back than is paid in. Wealthy taxpayers greatly benefit from the step-up in basis that wipes out unlimited amounts of capital-gain tax. An unlimited tax absolution is rather generous and quite impossible to max out!

So, who gets what? And what does it mean to each of us?


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