December 22, 2010
Joint Tax Committee Releases Tax Expenditure Estimates for 2010-14The Joint Committee on Taxation yesterday released Estimates of Federal Tax Expenditures for Fiscal Years 2010-2014 (JCS-3-10):
Part I of this report contains a discussion of the concept of tax expenditures. Part II is a discussion of the measurement of tax expenditures. Estimates of tax expenditures for fiscal years 20102014 are presented in Table 1 in Part III. Table 2 shows the distribution of tax returns by income class, and Table 3 presents distributions of selected individual tax expenditures by income class.
Update: From Richard Kaplan (Illinois):
The Joint Committee on Taxation’s Tax Expenditures Report does not consider any of the tax extensions and other changes enacted by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act, Pub. L. No. 111-312, as signed by President Obama on December 17. Because every tax expenditure provision is reduced to a number using applicable income tax rates, virtually every number for 2011 and 2012 (as well as the resulting five-year totals) is seriously overstated.
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I like how not taking someone's money by force is called an "expenditure."
Posted by: anon | Dec 22, 2010 10:52:59 AM