Tax expenditure estimates for deferral & active financing exception (in billions)
| 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2015–2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| JCT – Deferral | 82.1 | 82.7 | 84.5 | 85.3 | 86.1 | 86.9 | 87.7 | 88.6 | 89.4 | 90.3 | 863.6* |
| CBO – AFE* | 4.5 | 10.0 | 7.1 | 7.1 | 7.2 | 7.3 | 7.4 | 7.7 | 8.0 | 8.2 | 74.5** |
| Subtotal | 86.6 | 92.7 | 91.6 | 92.4 | 93.3 | 94.2 | 95.1 | 96.3 | 97.4 | 98.5 | $938 billion |
| OMB 2015 | |||||||||||
| Deferral | 64.6 | 67.8 | 71.2 | 74.7 | 78.5 | 82.4 | 86.5 | 90.8 | 95.4 | 100.2 | 812.0 |
| AFE* | 4.0 | 4.1 | 7.0 | 7.4 | 7.7 | 8.1 | 8.5 | 8.9 | 9.4 | 9.9 | 75.0** |
| Subtotal | $887 billion | ||||||||||
| Average Total | $913 billion |
Notes: AFE stands for Active Finance Exception which allows for deferral on the profits from offshore banking and finance.
*2019 on by previous trend
**Assuming extension
Source: EPI analysis of Joint Committee on Taxation (2014), Congressional Budget Office (2015), Office of Management and Budget (2015).
Joint Committee on Taxation, Estimates of Federal Tax Expenditures for FY 2014-2018, p. 22. The JCT estimate is for 2014 through 2018, which has been projected through 2024, https://www.jct.gov/publications.html?func=startdown&id=4663 . Congressional Budget Office, An Update to the Budget and Economic Outlook: 2015 to 2025, See Tab 12: Expiring Provisions, http://1.usa.gov/1iuLxcF. Office of Management and Budget, FY2016 Analytical Perspectives of the U.S. Government, Table 14-1., p. 222 and Table 12-3, p. 171, https://www.whitehouse.gov/sites/default/files/omb/budget/fy2016/assets/spec.pdf.
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