"

Federal tax receipts are reduced by more than $1 trillion a year by various tax deductions and credits, known as tax expenditures, often tied to a policy aim. Ending them would nearly eliminate the federal deficit, which is projected to be $1.2 trillion in the current fiscal year.

But the three largest are as popular as they are expensive: the mortgage interest deduction has cost about $75 billion a year recently, the employer deduction for health care has cost $120 billion a year, and the charitable-giving deduction has cost $38 billion a year, according to the bipartisan Joint Committee on Taxation.

"

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—Jonathan Weisman, New York Times

Politicalprof: this is why tax reform is hard. And why balancing the budget is hard. No one wants to kill their own sacred cows, just the other guy’s. Who, of course, believes the same.

It’s pretty clear the only “real” solution is to toss the baby and the bathwater and go to a no deductions, no exemptions tax code. But I wouldn’t count on it any time soon. Too many people have too much skin in the game.

(via politicalprof)

(via hissingganja)

Source: politicalprof
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