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 are the largest tax expenditures? Q.What are the largest tax expenditures? A.Tax expenditures make up a substantial part of the federal budget. Some of them are larger than the entire budgets of the programs or departments that spend money for the same or related purposes. For example, the value of the tax breaks for homeownership, although reduced by the 2017 tax act, still exceeds total spending by the US Department of Housing and Urban Development. Read more about What are the largest tax expenditures?
How do the impacts of tax policies vary by race and ethnicity? Q.How do the impacts of tax policies vary by race and ethnicity? A.The IRS does not ask for tax filers’ race or ethnicity on tax forms, but that does not mean the tax system affects people of different races and ethnicities similarly. Read more about How do the impacts of tax policies vary by race and ethnicity?