Shows & Panels
- AFCEA Answers
- Ask the CIO
- The Big Data Dilemma
- Carrying On with Continuity of Operations
- Connected Government
- Constituent Servicing
- Continuous Monitoring: Tools and Techniques for Trustworthy Government IT
- The Cyber Imperative
- Cyber Solutions for 2013 and Beyond
- The Data Privacy Imperative: Safeguarding Sensitive Data
- Expert Voices
- Federal Executive Forum
- Federal IT Challenge
- Federal Tech Talk
- Mission-critical Apps in the Cloud
- The Modern Federal Threat Landscape
- The Path from Legacy Systems
- The Real Deal on Digital Government
- The Reality of Continuous Monitoring... Is Your Agency Secure?
- Veterans in Private Sector: Making the Transition
Shows & Panels
Top tax breaks for individuals
Thursday - 1/10/2013, 2:34am EST
(AP) - U.S. tax law is filled with so many credits, deductions and exemptions that Americans will be able to reduce their tax bills by about $1.1 trillion this year, according to congressional estimates.
The biggest tax breaks, and the amount they will save taxpayers this year:
_Employer contributions toward workers' medical insurance premiums and medical care are not taxed: $181 billion.
_Retirement plan contributions and earnings are not taxed: $165 billion.
_Mortgage interest deduction: $101 billion.
_Lower tax rates on long-term capital gains and qualified dividends: $84 billion.
_Deduction for state and local taxes: $69 billion.
_Deduction for charitable contributions: $46 billion.
_Most Social Security and veterans' benefits are not taxed: $45 billion.
_Interest on tax-exempt state and local government bonds is not taxed: $26 billion.
_When someone dies, the capital gains on his investments is not taxed: $24 billion.
_Income from some life insurance products is not taxed: $23 billion.
Sources: National Taxpayer Advocate; Joint Committee on Taxation.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)