healthmyths
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- Sep 19, 2011
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What are the largest tax expenditures?
See how without RAISING ANY tax rates on ANYONE
These are the Deduction that government ALLOWS tax payers to subtract from taxes
AMOUNT in 2008 tax returns:
1) Exclusion of employer medical insurance premiums and medical care $131 billion
2) Net exclusion of pension contributions and earnings $117.7
3) Deductibility of mortgage interest on owner-occupied homes $88.5
4) Accelerated depreciation of machinery and equipment $55.9
5) Deductibility of nonbusinees state and local taxes $49.1
6) Deductibility of charitable contributions $46.8
7) Deferral of income from controlled foreign corporations $31.5
8) Capital gains exclusion on home sales $30.0
9) Deductibility of State and local property tax on owner-occupied homes $29.1
10) Child credit $28.4
11) Capital gains (except agriculture,timber, and coal) $24.2
12) Step-up basis of capital gains at death $21.5
Total of $653.7 billion
What are the largest tax expenditures?
See how without RAISING ANY tax rates on ANYONE
These are the Deduction that government ALLOWS tax payers to subtract from taxes
AMOUNT in 2008 tax returns:
1) Exclusion of employer medical insurance premiums and medical care $131 billion
2) Net exclusion of pension contributions and earnings $117.7
3) Deductibility of mortgage interest on owner-occupied homes $88.5
4) Accelerated depreciation of machinery and equipment $55.9
5) Deductibility of nonbusinees state and local taxes $49.1
6) Deductibility of charitable contributions $46.8
7) Deferral of income from controlled foreign corporations $31.5
8) Capital gains exclusion on home sales $30.0
9) Deductibility of State and local property tax on owner-occupied homes $29.1
10) Child credit $28.4
11) Capital gains (except agriculture,timber, and coal) $24.2
12) Step-up basis of capital gains at death $21.5
Total of $653.7 billion