What are tax expenditures and how are they structured? Q.What are tax expenditures and how are they structured? A.Tax expenditures are special provisions of the tax code such as exclusions, deductions, deferrals, credits, and tax rates that benefit specific activities or groups of taxpayers. Read more about What are tax expenditures and how are they structured?
What is the tax expenditure budget? Q.What is the tax expenditure budget? A.The tax expenditure budget displays the estimated revenue losses from special exclusions, exemptions, deductions, credits, deferrals, and preferential tax rates in federal income tax law. Read more about What is the tax expenditure budget?
How did the TCJA affect tax expenditures? Q.How did the TCJA affect tax expenditures? A.The TCJA reduced some tax expenditure provisions, eliminated others, and introduced and expanded still others. In addition to these direct changes in tax expenditure provisions, an increase in the standard deduction and lower individual and corporate tax rates reduced the number of taxpayers using tax expenditure provisions and the value of the tax benefits they receive. Read more about How did the TCJA affect tax expenditures?
