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?
Why are tax expenditures controversial? Q.Why are tax expenditures controversial? A.To some, tax expenditures are spending items that do not belong in the tax code. To others, they are merely a way of reducing taxes, and repealing them would amount to a tax increase. Read more about Why are tax expenditures controversial?
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?
