Saturday, December 29, 2012

U.S. tax code full of holes

Tax breaks and loopholes cost the U.S. $1.1 trillion in fiscal 2012. Budget cutters are under pressure to get that figure down.

Some tax breaks you may enjoy might not be around forever.
If your employer provides a health plan or you have a mortgage, we’re talking to you. Give to charity? Still talking to you. And there are tax breaks and loopholes for many, many other situations that may save you money.
The cost to the government, however, is high: $1.1 trillion – about the size of the federal deficit for fiscal 2012. So the pressure is on budget cutters to take another look at these breaks, and reduce or eliminate them altogether.
We have an infographic over at Face the Facts USA today with more on tax expenditures and what they cost the federal government. Click on the image to see it. While at our website, add to the discussion. Is eliminating tax breaks the answer?

Sources: The White House: "Supplemental Materials - Tax Expenditures spreadsheet"

White House Office of Management and Budget: "Fiscal Year 2003 - Analytical Perspectives"

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