|Published:||Jan 20, 2011 8:36 PM EST|
|Updated:||Jan 20, 2011 5:37 PM EST|
The tax code is filled with a total of $1.1 trillion in deductions, credits and exemptions, an average of about $8,000 per taxpayer, according an analysis of tax data from 2009. Last year's federal deficit was $1.3 trillion.
Among the biggest tax breaks:
-34.6 million taxpayers cut their federal income taxes by a total of nearly $77 billion by deducting the interest they paid on their home mortgages.
-36 million families saved more than $54 billion from the $1,000 per-child tax credit.
-40.7 million taxpayers cut their federal income taxes by $40 billion by deducting state and local income, sales and personal property taxes.
-33.5 million households cut their taxes by $21 billion by deducting state and local real estate taxes.
-36 million families cut their taxes by nearly $35 billion by deducting charitable donations.
-28 million taxpayers saved a total of $24 billion because their income from Social Security and railroad pensions was untaxed.
-25.7 million low-income families got a total of $55 billion from the earned income tax credit.
--- Source: Joint Committee on Taxation.
(Copyright 2011 by The Associated Press. All Rights Reserved.)