Tax Cuts and Expenditures Benefit the Wealthy

A paper by Thomas Piketty, et al., shows an international relationship between tax cuts and the increase in the share of income for the top one percent.

At the same time, the Congressional Budget Office shows that the highest income quintile in the United States receives half of the income tax expenditures (including deductions, preferential rates, etc).

Update (August 15):  Wall Street and Washington combine to produce the highest income inequality in the world.