Federal agencies can’t identify 158 tax expenditures worth a whopping $1.20 trillion in forgone revenue for Fiscal Year 2015, according to a recent report released by the Government Accountability Office.
The findings show the Office of Management and Budget nor the federal agencies have made significant strides to show how the expenditures’ are being utilized toward agency goals.
The nonpartisan government watchdog said while discretionary and mandatory spending programs receive an annual overview while the president is compiling information for his budget, tax expenditures lack the same amount of oversight as those that are not expiring are not subject to annual congressional budget processes.
The report said revenue losses from tax expenditures has reached levels comparable to discretionary spending. While discretionary spending has gone down since 2010, tax expenditures have continued to skyrocket.
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3 comments:
Very likely that Mr Trump will be able to get this answer once he is elected.
You just have to know how to phrase the question.. :-)
Obama giving insurance companies payouts for keeping non working people insured.
eliminating this type of spending is what trump said would help him balance the budget. 1.2t will take a bite out of the debt. and that is just he beginning
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