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1 Alan Cole, Corporate and Individual Tax Expenditures 2016 1 (2016)

handle is hein.taxfoundation/corpindvtxe0001 and id is 1 raw text is: TAXS FOUNDATION FISCAL FACT No. 521 Aug. 2016 The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) non-profit organization. @2016 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 Corporate and Individual Tax Expenditures 2016 By Alan Cole* Economist Key Findings * A tax expenditure is a departure from the normal tax code that lowers a taxpayer's burden, such as an exemption, a deduction, or a credit. * The list of tax expenditures in a tax system depends heavily on what one considers the normal tax code to be. * Some tax expenditures are special preferences for particular kinds of economic activity. These may deserve elimination in order to fund broader tax relief, or they may be better off as spending programs for the purpose of more transparent government accounting. * Some tax expenditures are attempts to change the U.S. tax system more broadly, often moving the tax code closer to systems employed by other OECD countries. These piecemeal efforts to change the U.S. tax code suggest that a broad reform to redefine the tax base would be welcome. * The largest individual tax expenditures tend to prioritize health, housing, and individual saving. * The largest corporate tax expenditure is deferral, which moves the worldwide system of corporate taxation closer to the territorial system used by most other OECD nations. * The total cost of tax expenditures from 2016-2025 is $17 trillion, with $2 trillion in corporate expenditures and $15.1 trillion in individual expenditures. 202.464.6200 The author would like to thank Anton Aurenius for his research assistance. taxfoundation.org

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