June 1, 2013
THE OTHER 6% OF GDP WE CAN EASILY RECOUP:
Washington 'Spends' More on Tax Breaks Than on Medicare, Defense, or Social Security (DEREK THOMPSON, MAY 29 2013, The Atlantic)
Tax expenditures are funny, They're not taxes, exactly, because they save us money. They're not spending, exactly, because the dollars are never actually spent. They're somewhere in between. So think of it as tax spending. [...]And as the CBO reports in a new study today, Washington's tax spending budget -- comprised of everything from mortgage deductions to the child tax credit to lower tax rates on capital gains -- is so massive, it's technically larger than Medicare, Defense, or Social Security. The tax spending budget is equal to 1/17th of the US economy.
Posted by Orrin Judd at June 1, 2013 7:39 AM
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