Saturday, July 2, 2011

Individual Income Tax Contains Biggest Tax Exclusions And Loopholes, Not Corporate Tax Deductions

From Brookings "The Ugly Truth About Tax Loopholes" by William A. Galston, Senior Fellow, Governance Studies:
The following table contains the top ten items, which constitute more than half of all tax expenditures:
Source: Brookings
This, friends, is where the money is—not in tax breaks for corporate jets. (Indeed, all but one of the ten largest items is embedded in the personal income tax code, not in corporate taxes.) So by all means, let’s get rid of the nickel-and-dime stuff that contributes nothing to growth or well-being and offends decent moral sensibilities. But after we’re done with that, we’ll have to go after deductions and exclusions from which the majority of Americans benefit, albeit unequally.
The complete article is available here.

No comments:

Post a Comment