Table 1
Eighteen Largest Individual Income Tax Expenditures
Tax Expenditure | Amount (billion $) |
---|---|
Exclusion of employer provided health benefits | 143 |
Exclusion of pension and IRA contributions and earnings | 127.2 |
Reduced rates on capital gains and dividends | 91.3 |
Mortgage interest deduction | 71.7 |
Earned income tax credit | 67 |
Exclusion of Medicare benefits | 66 |
Child tax credit | 57.9 |
Deduction for state and local taxes | 51.8 |
Exclusion of capital gains at death | 48.4 |
Charitable contribution deduction | 43.6 |
Exclusion of benefits under cafeteria plans | 36.6 |
Exclusion of untaxed Social Security benefits | 34.4 |
Property tax deduction | 28.6 |
Exclusion of investment income on life insurance and annuity contracts | 28 |
Exclusion of interest on state and local government bonds | 27.3 |
Exclusion of capital gains on sales of principal residence | 24.8 |
Post-secondary education tuition credit | 24.5 |
Subsidies for participation in exchanges | 20.5 |
Source: Joint Committee on Taxation, Estimates of Federal Tax Expenditures for Fiscal Years 2012-2017, JCS-1-13, February 1, 2013.
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