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1 Amir El-Sibaie, Corporate and Individual Tax Expenditures 1 (2017)

handle is hein.taxfoundation/corpivte0001 and id is 1 raw text is: FISCAL FACT No. 556 Aug. 2017 Corporate and Individual Tax Expenditures Amir EI-Sibaie Analyst Key Findings 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. @2017 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org * 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 2016-2026 is $18.4 trillion, with $2.7 trillion in corporate expenditures and $15.6 trillion in individual expenditures.

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