Difficult Deductions
07/18/2017 |
Of the 170 deductions/exemptions/credits/exclusions, the six largest in FY2018 are: exclusion of employer contributions for medical insurance/care at $236 billion, preferential treatment of pension contributions at $200 billion, exclusion of owner-occupied rental income at $112.7 billion, corporate income held abroad at $112.6 billion, lower capital gains rates at $109 billion, and the mortgage interest deduction at $68 billion. Which ones will you give up, if any? Tax reform, impossible!