The book defines Tax Expenditures as being"defined by the 1974 Budget Act as "revenue losses attributable to provisions of the federal tax laws which allow a special exemption, exclusion, or deduction." Tax expenditures represent the difference between what the government actually collects in taxes and what it would have collected without special exemptions" (Edwards)
I think we should eliminate tax expenditures because as a whole, tax expenditures benefit middle and upper income taxpayers and corporations. Pooper people, who tend not to own homes, can take little advantage of provisions that permit homeowners to deduct mortgage interest payments. Pooper people in general also can take less advantage of the exclusion of taxes on contributions to individual retirement accounts or interest on state and local bonds. (Edwards 447)
I agree with Maggie that we should eliminate tax expenditures. The expenditures are only further hurting our country because when people get tax breaks, the government gets less money. Also the people getting use out of tax expenditures are usually big businesses that don't need the tax expenditure and are cheating us out of a lot of money that could be used elsewhere. Tax expenditures need to end so that the government can collect more money to spend on something that will benefit the future generations and so that big businesses are forced to pay taxes just like the rest of us instead of getting exemptions.
The book defines Tax Expenditures as being"defined by the 1974 Budget Act as "revenue losses attributable to provisions of the federal tax laws which allow a special exemption, exclusion, or deduction." Tax expenditures represent the difference between what the government actually collects in taxes and what it would have collected without special exemptions" (Edwards)
ReplyDeleteI think we should eliminate tax expenditures because as a whole, tax expenditures benefit middle and upper income taxpayers and corporations. Pooper people, who tend not to own homes, can take little advantage of provisions that permit homeowners to deduct mortgage interest payments. Pooper people in general also can take less advantage of the exclusion of taxes on contributions to individual retirement accounts or interest on state and local bonds. (Edwards 447)
DeleteI agree with Maggie that we should eliminate tax expenditures. The expenditures are only further hurting our country because when people get tax breaks, the government gets less money. Also the people getting use out of tax expenditures are usually big businesses that don't need the tax expenditure and are cheating us out of a lot of money that could be used elsewhere. Tax expenditures need to end so that the government can collect more money to spend on something that will benefit the future generations and so that big businesses are forced to pay taxes just like the rest of us instead of getting exemptions.
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