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Backdoor spending authority (view source)
Revision as of 00:45, January 20, 2013
, 00:45, January 20, 2013JCT definition of tax expenditure
“[[pay-as-you-go]]” (PAYGO) provision requiring that legislation enacted be
“[[pay-as-you-go]]” (PAYGO) provision requiring that legislation enacted be
either [[deficit neutral]] or deficit reducing. In other words, any legislation reducing taxes or expanding direct spending programs must be offset by direct spending cuts or revenue increases.<ref>U.S. General Accounting Office, [http://www.gao.gov/assets/230/222873.pdf Budget Issues: Inventory of Accounts With Spending Authority and Permanent Appropriations], GAO/AIMD-96-79, May 31, 1996.</ref>
either [[deficit neutral]] or deficit reducing. In other words, any legislation reducing taxes or expanding direct spending programs must be offset by direct spending cuts or revenue increases.<ref>U.S. General Accounting Office, [http://www.gao.gov/assets/230/222873.pdf Budget Issues: Inventory of Accounts With Spending Authority and Permanent Appropriations], GAO/AIMD-96-79, May 31, 1996.</ref>
==Backdoor tax expenditures==
Tax expenditures are defined by the Joint Committee on Taxation (JCT) as “revenue losses attributable to provisions of the Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferentialrate of tax, or a deferral of tax liability.”
==See also==
==See also==