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Exclusion of military benefits and allowances

500

Budget outlays plus tax expenditures (in billions of dollars)

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Tax expenditures

Total budget outlays plus tax expenditures Tax expenditures as percent of budget outlays

*Less than $50 million.

1968

1969

1970

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SOURCE: DATA FROM THE BUDGET OF THE U.S. GOVERNMENT, 1970 AND THE DEPARTMENT OF THE TREASURY ESTIMATES.

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Exemption for certain income earned abroad by U. S. citizens 40 Exclusion of income earned in U. S. possessions

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10

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50

Exclusion of gross-up on dividends of less developed

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Budget outlays plus tax expenditures (in billions of dollars)

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SOURCE: DATA FROM THE BUDGET OF THE U.S. GOVERNMENT, 1970 AND
THE DEPARTMENT OF THE TREASURY ESTIMATES.

Tax Expenditures are
14% of Budget Outlays

Chart 2

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