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1 Alan Cole, Corporate and Individual Tax Expenditures 1 (2015)

handle is hein.taxfoundation/coritxe0001 and id is 1 raw text is: FOUNDATION Corporate and Individual Tax FISCAL Expenditures FACT Aug. 2015 By Alan Cole No. 476 Economist The Tax Foundation is a 501(c)(3) non partisan, non profit research institution founded in 1937 to educate the public on tax policy. Based in Washington, D.C., our economic and policy analysis is guided by the principles of sound tax policy: simplicity, neutrality, transparency, and stability. ©2015 Tax Foundation Distributed under Creative Commons CC BY NC 4.0 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 in 2015 is $1.339 trillion, with $131 billion in corporate expenditures and $1.208 trillion in individual expenditures. Editor, Melodie Bowler Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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