President Barack Obama has proposed to cap the rate at which wealthier households can reap savings from itemised deductions at 28 per cent. Photo: Reuters President Barack Obama has proposed to cap the rate at which wealthier households can reap savings from itemised deductions at 28 per cent. Photo: Reuters
President Barack Obama has proposed to cap the rate at which wealthier households can reap savings from itemised deductions at 28 per cent. Photo: Reuters

Wealthy win lion’s share of major tax breaks

More than half the benefits of 10 major tax breaks go to the one-fifth of US households at the top of the income scale, according to the Congressional Budget Office.

President Barack Obama has proposed to cap the rate at which wealthier households can reap savings from itemised deductions at 28 per cent. Photo: Reuters President Barack Obama has proposed to cap the rate at which wealthier households can reap savings from itemised deductions at 28 per cent. Photo: Reuters
President Barack Obama has proposed to cap the rate at which wealthier households can reap savings from itemised deductions at 28 per cent. Photo: Reuters
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