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Saturday, 24 March 2012

U.S. Tax Breaks Valued at More Than $1 Trillion -

U.S. Tax Breaks Valued at More Than $1 Trillion - 

The value of U.S. tax breaks exceeds $1 trillion, which may give both parties potential areas to cut costs and alleviate the cost of changing the tax code, the Wall Street Journal reported, citing a study.
The Congressional Research Service report found the biggest tax break is likely to be valued at $164 billion annually in 2014 and is on employer-provided health insurance, while employer-provided pensions are the second-biggest exclusion at about $163 billion, the newspaper said.
The study said the most that might be gained in additional tax revenue from eliminating tax breaks was $150 billion, because of political opposition and technical hurdles, the newspaper said.

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