A congressional report detailing the value of major tax breaks shows they amount to more than $1 trillion a year—roughly the size of the annual federal budget deficit—and benefit wide swaths of the population.
The figures could be useful to lawmakers of both parties and President Obama, who are looking for ways to shrink future deficits and offset the anticipated cost of overhauling the much-criticized U.S. tax code, an effort likely to include tax-rate cuts. Both parties are looking to trim or eliminate tax breaks to achieve those goals.
Thought this was interesting. The idea of tax breaks and tax credits is a bit of an odd one to me. I support a progressive tax rate, without credits and rebates and breaks and the such… I mean, when both GE and NewsCorp pay no taxes, we are in trouble.
Part of a moral tax code includes paying your share…
To whom much is given, much is required.
- Corporate Tax Rates Effectively Already Below Obama’s Proposed Level (huffingtonpost.com)
- “Massive Tax Breaks For The Rich”: GOP Budget Plan To Reduce The Debt Actually Makes The Debt Worse (mykeystrokes.com)
- Study Finds Mixed Results in G.O.P. Candidates’ Plans for Federal Debt (thecaucus.blogs.nytimes.com)
- U.S. Government Will Run $1.1 Trillion Deficit, CBO Says (businessweek.com)
- Obama runs up another trillion-dollar deficit… (politico.com)