Research Report Tax Expenditures for Asset Building in 2014
C. Eugene Steuerle, Caleb Quakenbush
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Government directs a large amount of resources toward helping families build assets in the form of home equity, retirement savings, human capital, and business ownership. This Tax Fact summarizes the cost of different asset-building tax subsidies. These tax expenditures total to more than $370 billion in 2014 and are projected to grow to more than $500 billion over the next 5 years. Deductions and exclusions for homeownership and retirement savings form the majority of subsidies, with education coming in a distant third. Smaller subsidies for small business and other personal savings round out the total.
Research Areas Wealth and financial well-being
Tags Asset and debts Opportunity and ownership Financial stability
Policy Centers Urban-Brookings Tax Policy Center