Changes

Every year, the [[U.S. Treasury]] publishes a tax expenditure budget as required by law. The net effect on the Treasury is the same.<ref>Stanley Surrey (former Asst. Secretary of Tax Policy), Pathways to Tax Reform: The Concept of Tax Expenditures (1973).</ref>  There is also case law that tax deductions, exclusions and credits are treated as expenditures.

Every year, the [[U.S. Treasury]] publishes a tax expenditure budget as required by law. The net effect on the Treasury is the same.<ref>Stanley Surrey (former Asst. Secretary of Tax Policy), Pathways to Tax Reform: The Concept of Tax Expenditures (1973).</ref>  There is also case law that tax deductions, exclusions and credits are treated as expenditures.

[[President Obama]]'s Simpson-Bowles Commission on Fiscal Responsibility reported in 2010 the that U.S. Tax Code is riddled with $1.1 trillion (roughly equal to current annual [[deficit]]s) in [[backdoor spending]] as hidden tax expenditure]]s.<ref>[http://www.fiscalcommission.gov/sites/fiscalcommission.gov/files/documents/TheMomentofTruth12_1_2010.pdf The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform]. December 2010. The White House. P. 29, pdf.</ref>

[[President Obama]]'s Simpson-Bowles Commission on Fiscal Responsibility reported in 2010 the that U.S. Tax Code is riddled with $1.1 trillion (roughly equal to current annual [[deficit]]s) in [[backdoor spending]] as hidden tax expenditures.<ref>[http://www.fiscalcommission.gov/sites/fiscalcommission.gov/files/documents/TheMomentofTruth12_1_2010.pdf The Moment of Truth: Report of the National Commission on Fiscal Responsibility and Reform]. December 2010. The White House. P. 29, pdf.</ref>

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[[category:Budget terms]]

[[category:Budget terms]]