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The Hidden Entitlements
Topic Started: Mar 3 2012, 09:55 AM (204 Views)
kbp

The Hidden Entitlements

By Robert S. McIntyre
Director, Citizens for Tax Justice
May 1996

Table of Contents
PART I

An Overview of Tax Expenditures
Summary Tables

PART II
Tax Expenditures for Business & Investment
1. Accelerated depreciation
2. Capital Gains
Details on existing capital gains tax breaks
28% maximum rate
Indefinite deferral of tax on unrealized capital gains
Capital gains tax breaks for gifts and inheritances
Special additional industry­ specific capital gains tax breaks
Other special capital gains breaks
Recently proposed capital gains tax changes
3. Tax Breaks for multinational corporations
4. Tax­exempt bonds
5. Business meals and entertainment
6. Mergers and acquisitions
7. Insurance companies and products
Interest on life insurance savings
Small property and casualty insurance companies
Deduction of unpaid property loss reserves of property and casualty companies
Special treatment of life insurance company reserves
Insurance companies owned by tax­exempt organizations
Blue Cross and Blue Shield
8. Oil, gas and energy tax breaks
Exploration and development costs
Percentage depletion
Oil and gas exception to passive loss limitation
Alternative fuel production credit
Alcohol fuel credit
New technology credits
Credit and deduction for clean­fuel vehicles and property
Exclusion of utility conservation subsidies
9. Timber, agriculture, minerals
Exploration and development costs
Percentage depletion
Mining reclamation reserves
Expending multi­period timber growing costs
Credit and seven­year amortization for reforestation
Expending certain capital outlays
Expending multi­period livestock and crop production costs
Loans forgiven solvent farmers
10. Financial institutions (non-insurance)
11. Other business and investment tax breaks
Low­income housing credit
Employer Stock Ownership Plan (ESOP) provisions
Real property installment sales
Empowerment zones
Reduced corporate income tax rates for smaller corporations
Treatment of "Alaskan Native Corporations" losses
Cancellation of indebtedness
Exceptions to imputed interest rules
Exemptions of certain mutuals' and cooperatives' income
U.S. savings bonds
12. Pensions, IRAs, etc.

PART III
Personal Tax Expenditures
1. Itemized deductions
Mortgage interest on owner­occupied homes
State and local taxes
Charitable contributions
Medical expenses
Casualty losses
2. Fringe benefits
Employer­owned medical insurance and expenses
Other employer­provided insurance benefits
Exclusion of employee parking expenses & employer­provided transit passes
Other fringe benefits
3. Earned­income tax credit
4. Other personal tax breaks
Tax­free Social Security benefits for retired workers
Other support of the aged and the blind
Capital gains on home sales
Workmen's compensation, public assistance & disabled coal miner benefits
Benefits to soldiers and veterans
Child and dependent care expenses
Scholarship and fellowship income
Self­employed health insurance deduction
U.S. savings bonds for education
Dependent students age 19 or older
Foster care payments

PART IV
Conclusion

APPENDIX: DETAILED TABLES (spreadsheet downloads)
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kbp


This is a very interesting source of information, though aged some. The data on things like "loopholes" is interesting.

A problem here is that the one which wrote it, and the group he represents, seems to come across as complaining about anything not surrendered to the federal government as taxes is then always classified as dollars not collected as a tax, which it "SPENDING" in their mind.

The imbalance addressed as I see it is that we enact some tax and then make a SELECT few of those subject to it 'more equal' ....the loophole applies to ONLY their income. I sense the partisan nature of these "loopholes" indicate passage whenever a certain party was in control of Congress, so both sides are guilty!

Anyway, the page linked provides links directly to whatever portion of the Table of Contents that may interest the reader. Though some of the tax structure is dated, most I read about seemed to still be applicable to todays tax structure.
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Baldo
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'No man's life, liberty, or property is safe, while Congress is in session.'

Mark Twain
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abb
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One man's "loophole" is another man's "incentive."
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