Taxpayers are always on the lookout for tax deductions, tax credits and income exclusions that help trim their IRS bills. What we call tax breaks are known as tax expenditures on Capitol Hill. And they cost the U.S. Treasury a lot of money.
Earlier this year in preparation for a Senate hearing, the Joint Committee on Taxation calculated how much money is lost to some popular tax breaks. The final math? The top individual tax breaks will cost more than $3 trillion in uncollected taxes between 2010 and 2014.
The new special committee charged with finding ways to trim the U.S. deficit will focus on spending cuts. But it's a good bet that some of the panel's 12 members also will look at how much money the Treasury could collect if at least some tax breaks were eliminated or tweaked.
Keep reading to find out how much Uncle Sam is expected to lose under the current tax system on your favorite tax breaks.