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Thursday, January 13, 2005

Joint Tax Committee Releases Report on Tax Expenditures

Blue_book_1The Joint Committee on Taxation yesterday released Estimates Of Federal Tax Expenditures For Fiscal Years 2005-2009 (JCS-1-05).

Tax expenditures are "revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption or deduction from gross income or which provide a special credit, a preferential rate of tax or a deferral of tax liability." The five largest tax expenditures provide $2.1 trillion of tax benefits:

      • $597 billion: pensions
      • $493 billion: employer-provided health insurance
      • $434 billion: home mortgage interest
      • $356 billion: reduced tax rates on dividends and capital gains
      • $203 billion: child tax credit

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