Budget outlays plus tax expenditures (in billions of dollars) 1968 1969 1970 Tax expenditures Total budget outlays plus tax expenditures Tax expenditures as percent of budget outlays 7.0 7.2 7.9 0.7 0.8 0.9 SOURCE: DATA FROM THE BUDGET OF THE U.S. GOVERNMENT, 1970 AND Chart 8 Exclusion of certain benefits 550 Budget outlays plus tax expenditures (in billions of dollars 1968 1969 1970 Tax expenditures 0.6 0.6 0.7 Total budget outlays plus tax expenditures Tax expenditures as percent of budget outlays *Less than $50 million. 7.4 8.3 8.5 9% 8% 9% SOURCE: DATA FROM THE BUDGET OF THE U.S. GOVERNMENT, 1970 AND THE DEPARTMENT OF THE TREASURY ESTIMATES. Chart 9 Table 10. Aid to State and Local Government Financing 1968 Tax expenditures (in millions of dollars Exemption of interest on State and local debt obligations 1,800 Deductibility of nonbusiness State and local taxes (other than on owner-occupied homes): 1/ Property taxes on owner-occupied homes (included under Community Development and Housing) Total All State and local nonbusiness taxes 1/ For businesses owned by individuals, taxes other than income taxes are considered a cost of doing business and thus deductible in arriving at a net income figure. |