To understand why, it is important first to understand this term: “Tax expenditure.”This is Washington budget-speak for tax revenue foregone due to special tax treatment. The phrase refers to billions of dollars in tax code exemptions, deductions or credits. Tax expenditures are designed to benefit specific activities or groups of taxpayers; the most important include deductions taken by employers for employee health insurance costs, capital gains and mortgage debt interest.The spectacular collapse of the U.S. House healthcare bill last week will ratchet up pressure to find revenue as part of any tax reform bill, since the proposed healthcare reforms were expected to cut federal deficits by $337 billion over the next decade.
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