Budget Basics: Tax Expenditures
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
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Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
Tax breaks totaled over $1.8 trillion in 2023. To put that in perspective, that’s more than the government spends on Social Security, defense, or Medicare and Medicaid.
https://www.pgpf.org/blog/2023/12/eight-of-the-largest-tax-breaks-explained
Tax reform done right would promote economic growth, make our fiscal outlook more sustainable, reduce the complexity and burden of compliance, and increase the system’s transparency and fairness.
The lengthy and complex United States tax code can be difficult for Americans to understand.
https://www.pgpf.org/quiz/how-much-do-you-know-about-the-us-tax-system
The earned income tax credit (EITC) is a measure administered through the tax code to address poverty.
https://www.pgpf.org/budget-basics/what-is-the-earned-income-tax-credit
The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy.
https://www.pgpf.org/finding-solutions/understanding-the-budget/revenues
One issue that most lawmakers and voters agree on is that our tax system needs reform.
https://www.pgpf.org/infographic/how-the-us-tax-system-works
Cracking down on the tax gap would not only introduce more fairness into the system, but it could be a big help for our nation’s fiscal imbalance.
The current budget process is ill-suited for managing the nation’s long-term fiscal affairs. Learn about possible reforms to reimagine the budget process.
https://www.pgpf.org/finding-solutions/budget-process-reforms
Presently, revenues raised by the corporate income tax represent the third-largest category of federal tax revenue in the United States, trailing those generated from the individual income and payroll taxes.
https://www.pgpf.org/budget-basics/the-us-corporate-tax-system-explained