Tax expenditures total over $1.5T annually, but the 401(k) exclusion sends 60% of benefits to the top 10% of earners. Capital gains are taxed at 20% while wages hit 37%. The state built a welfare system with two entrances: one at front with means test, one at back with accountant and handshake.

https://readuncut.com/the-state-changed-clients-but-not-its-size/
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