Donna Cooper at The Center for American Progress analyzes the cost of tax breaks for the wealthy vs. proposed cuts in safety-net programs. In an article titled Infographic: Tax Breaks vs. Budget Cuts (2/22/11) she writes:
Most Americans would be surprised to learn that tax breaks are not on the table during any budget negotiations. In fact, Congress has the Congressional Budget Office prepare an official spending estimate for the cost of all programs or their expansions. Meanwhile, Congress enacts and continues tax breaks without any requirement that the cost of tax breaks be calculated and shared with members before a vote.
That’s why, over the last 16 years, the cost to the Treasury of the mortgage interest tax deduction, for example, doubled from $48 billion in 1995 to nearly $100 billion this year and no one made a peep about getting control of this loss in revenue. The stunning growth in this tax break is unchecked and unquestioned.
In an excellent graphic she contrasts the budget cuts vs. tax breaks for the rich:
$11.2 billion Early Childhood Programs
$11.5 billion Per-year cost of recent tax cuts for millionaires' estates
$8.9 billion Low-income housing programs
$8.9 billion Cost of allowing mortgage interest deduction for vacation homes
(est. 10-year cost)
$7.6 billion Supplemental nutrition for poor families
$6.7 billion Cost of "estate planning" techniques used by wealthy to avoid taxes
$4.6 billion Teacher training and after school programs
$5.2 billion Cost of removing limit on itemized deductions for high-income
taxpayers, FY 2011
$4.1 billion Job training for unemployed and new workers
$4.1 billion Cost of tax breaks for offshore operations of U.S. financial companies
$2.5 billion Low Income Home Energy Assistance (LIHEAP) grants to poor families
$2.5 billion Tax breaks for oil companies
(write-offs for drilling and oil well costs, FY 2012)
$2.5 billion Community health centers
$4.9 billion Cost of extending alcohol fuel tax breaks
$2.0 billion Homeless Assistance Grants
$2.3 billion Tax loophole for managers of hedge funds and private equity funds
(FY 2012)
$44 billion All programs at risk combined
$42 billion One-year cost of extending Bush tax cuts for top brackets (FY 2012)
Many more details and sources are available here.