Businessweek Archives

The Budget


Washington Outlook

THE BUDGET

Congress has been slugging it out for years over ways to cap spending. But one huge cause of the budget deficit is often ignored: tax loopholes. According to a new General Accounting Office report, special-interest tax breaks will cost the Treasury $400 billion in revenue this year--twice the deficit. And while spending for defense and many domestic programs is frozen, tax breaks keep growing at a 4% annual clip, after inflation. Now, the GAO and the Office of Management & Budget hope to curb the revenue drain by turning a spotlight on the loopholes. And House Ways & Means Committee member William J. Coyne (D-Pa.) is pushing the panel to review the breaks as a way to reduce the deficit.


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus