Thursday, August 9, 2012

Top Ten Tax Loss Expenditures 2011 From The Joint Committee On Taxation

10. Exclusion of benefits under cafeteria plans ................................................................$31 billion
10. Exclusion of untaxed Social Security and Railroad Retirement benefits ....................$31 billion
  9. Exclusion of capital gains at death .............................................................................$38 billion
  8. Deduction of state and local government income taxes, sales and property taxes ......$42.4 billion
  7. Pension plan contributions .........................................................................................$42.7 billion
  6. 401 K plan contributions ............................................................................................$48.4 billion
  5. Tax credit for children under 17 .................................................................................$56.4 billion
  4. Earned income tax credit ............................................................................................$59.5 billion
  3. Mortgage interest deduction ........................................................................................$77.6 billion
  2. Reduced rates of tax on dividends and long term capital gains ...................................$90.5 billion
  1. Exclusion of employer contributions for health care, health/long term care insurance.$109.3 billion