Small Businesses. State, Local, and Tribal Governments. American Industry. Revenue Proposals. Tax Expenditures. International Tax. Treaties and Related Documents. Tax Analysis. Tax Regulatory Reform. Treasury Coupon Issues. Corporate Bond Yield Curve. Economic Policy Reports. Social Security and Medicare.
Total Taxable Resources. Asset Forfeiture. Terrorist Finance Tracking Program. Money Laundering. Financial Action Task Force. Protecting Charitable Organizations. Treasury Quarterly Refunding. Interest Rate Statistics. Treasury Securities. Treasury Investor Data. Debt Management Research. Cash and Debt Forecasting. Debt Limit. Financial Stability Oversight Council. Federal Insurance Office. Consolidated Sanctions List.
Additional Sanctions Lists. Sanctions Programs and Country Information. Frequently Asked Questions. Contact OFAC. Financial Literacy and Education Commission. Innovations in Financial Services. Featured Research. Exchange Stabilization Fund. International Monetary Fund.
Multilateral Development Banks. Exchange Rate Analysis. Small and Disadvantaged Business Utilization. Small Business Lending Fund. Contacts and Resources. Major Issues Facing the Nation. Meeting Strategic Challenges. Additional Resources. GAO Contacts. Issue Summary Tax expenditures such as special tax credits substantially reduce federal revenue but can help achieve social and economic goals.
Published: Oct 08, Publicly Released: Nov 09, Published: Aug 01, Publicly Released: Aug 01, Published: Jun 23, Publicly Released: Jun 23, Published: May 27, Publicly Released: Jun 27, Published: Apr 28, Publicly Released: May 28, Published: Apr 30, Publicly Released: May 30, Published: Nov 29, Publicly Released: Jan 08, Published: Dec 12, Publicly Released: Dec 12, Published: May 18, Publicly Released: Jun 18, Published: Nov 06, Publicly Released: Dec 08, Published: Sep 23, Publicly Released: Sep 23, Enforcement of Tax Laws.
America's Fiscal Future. The table also shows estimates for the same tax expenditures prepared by the US Department of the Treasury and reported by the Office of Management and Budget The third- and fifth-largest tax expenditures are the benefits for tax-qualified retirement saving accounts. The tax on contributions, as well as the income earned within the accounts, is deferred until withdrawal begins at retirement.
At that point, in addition to the benefits of the deferral, many taxpayers are in a lower bracket. Alternatively, some Roth retirement saving gets no deferral of tax on deposit, but complete exemption from tax of all investment returns on the saving. The TJCA increases in the child credit will expire after In general, tax expenditures for individuals are larger than tax expenditures for businesses.
Only two business tax expenditures made it into the list of the top the reduced tax rate on active income of controlled foreign corporations and accelerated depreciation of equipment in excess of the alternative depreciation system.
The eighth largest, the tax subsidy for investment in equipment, allows firms to deduct purchases of qualifying equipment immediately bonus depreciation through Beginning in , however, bonus depreciation is scheduled to phase out at a rate of 20 percent per year, reaching zero in The credit increases with family size and is phased out as income rises above a threshold amount.
A TCJA provision reduced this subsidy by eliminating a penalty tax on individuals who lack insurance coverage, effectively reducing the number of people who purchase subsidized insurance coverage. The tenth largest subsidy is the deduction for charitable contributions, which the agencies report as three separate items — charitable contributions for education, charitable contributions for health, and charitable contributions for all other purposes.
This deduction, introduced by the TCJA for tax years beginning in , is available to individuals with income from self-employment and ownership of shares in pass-through businesses partnerships and subchapter S corporations but is partially limited for high-income individuals according to complex criteria based on the types of activities from which they earn income, the wages they pay to their employees, and the amount of capital they own.
The deduction will expire after The twelfth largest subsidy is the exclusion of capital gains on assets transferred at death or by gift. These benefits are partially or fully excluded from adjusted gross income for taxpayers whose incomes fall below threshold amounts. Joint Committee on Taxation. Office of Management and Budget. Table Marron, Donald, and Eric Toder.
Rogers, Allison, and Eric Toder. Sammartino, Frank and Eric Toder. Toder, Eric and Daniel Berger. Skip to main content. Briefing Book Tax Expenditures What are the largest tax expenditures? How does the federal government spend its money? What is the breakdown of revenues among federal, state, and local governments? How do US taxes compare internationally? Federal Budget Process How does the federal budget process work? What is the history of the federal budget process?
What is the schedule for the federal budget process? What is reconciliation? How is a budget resolution enforced? What are rescissions? Federal Budget Outlook How accurate are long-run budget projections? What have budget trends been over the short and long term?
How much spending is uncontrollable? What are tax extenders? What options would increase federal revenues? What does it mean for a government program to be off-budget? How did the TCJA affect the federal budget outlook? Taxes and the Economy How do taxes affect the economy in the short run? How do taxes affect the economy in the long run? What are dynamic scoring and dynamic analysis? Do tax cuts pay for themselves? On what do economists agree and disagree about the effects of taxes on economic growth?
What are the economic effects of the Tax Cuts and Jobs Act? Economic Stimulus What is the role of monetary policy in alleviating economic downturns? What are automatic stabilizers and how do they work? What characteristics make fiscal stimulus most effective? Distribution of Tax Burdens How are federal taxes distributed? Are federal taxes progressive? How should progressivity be measured? What is the difference between marginal and average tax rates?
What criticisms are levied against standard distributional analysis? How should distributional tables be interpreted? Who bears the burden of the corporate income tax? Who bears the burden of federal excise taxes? How do financing methods affect the distributional analyses of tax cuts? How do taxes affect income inequality? Tax Expenditures What are tax expenditures and how are they structured? What is the tax expenditure budget?
Why are tax expenditures controversial? What are the largest tax expenditures? How did the TCJA affect tax expenditures? Tax Gap and Tax Shelters What is the tax gap? What does the IRS do and how can it be improved? What is a tax shelter? Recent History of the Tax Code What did the —10 tax stimulus acts do? What did the American Taxpayer Relief Act of do? How did the Tax Cuts and Jobs Act change personal taxes?
How did the Tax Cuts and Jobs Act change business taxes? Key Elements of the U. What are itemized deductions and who claims them?
How did the TCJA change the standard deduction and itemized deductions? What are personal exemptions?
0コメント