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.
All figures from the National Priorities Project.