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.
Earmarks have been controversial, but nevertheless were reinstated by Congress in 2021 after a 10-year moratorium.
Climate and weather-related natural disasters are becoming increasingly frequent. In addition to endangering lives, they are economically costly.
https://www.pgpf.org/budget-basics/what-is-the-disaster-relief-fund
Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.
A Congressional Budget Resolution is a “blueprint” that guides fiscal decision-making in the Congress.
Understanding what’s happening on Capitol Hill requires an understanding of the Congressional budget process — which is notoriously technical, complex and arcane.
Estate and gift taxes are levied on the transfer of assets. Two areas of the tax code that are relatively small in dollar terms, but can generate a significant amount of attention and even controversy in the broader conversation about wealth.
https://www.pgpf.org/budget-basics/what-are-estate-and-gift-taxes-and-how-do-they-work
Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
https://www.pgpf.org/budget-basics/how-does-social-security-work
This budget explainer describes what Medicaid is, how it is financed, and who benefits from it.
https://www.pgpf.org/budget-basics/budget-explainer-medicaid
The fairness of our federal tax system is a hotly debated issue. Too often, however, those debates confuse or misrepresent important facts because they focus on one type of tax in isolation rather than the various taxes that people face in aggregate.