The federal government forgoes billions of dollars in revenue each year due to corporate tax write-offs and loopholes enshrined in America’s tax code. The Government Accountability Office estimates that we lose out on $181 billion as a result. Some of our tax credits ostensibly serve a social good, such as the credit for low-income housing investment. But other parts of the corporate tax code encourage companies to hide their profits in offshore tax havens. The revenue lost through this loophole is $65 billion a year, according to the National Priorities Project. (Other estimates are much higher.)
Here are some of the ways we could be spending those lost dollars.
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(AP Photo/Tony Dejak)
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(Photo: Chris Radburn/PA Wire)
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All figures from the National Priorities Project.
