Report: Tax Expenditures a Good Target for Deficit-Reduction Efforts

The Executive Director of the Center on Budget and Policy Priorities testified recently on the scope and regressive nature of tax expenditures (loopholes)...

[T]ax expenditures are not only costly, but often also economically inefficient.  Although some tax expenditures are intended to adjust the amount of taxable income so as to better measure economic income or to reflect differences in ability to pay taxes, most tax expenditures are designed for another purpose — to subsidize certain desired activities — and often do so in inefficient ways that can detract from economic growth. [Full Report: offthechartsblog.org]