The article examines changes in the distribution of Old-Age and Survivors Insurance benefits (the primary Social Security program) under five reform options, and notes that any changes in Social Security could have a dramatic effect on the percentage of elderly living below the poverty level. Tax Expenditures and Employee Benefits:
In his budget, the president is required to provide a list of “tax expenditures”—federal tax revenue foregone due to preferential provisions. This includes both tax-deferred programs (in which tax revenue ultimately will be collected) and tax-exempt programs (in which no revenue will ever be collected). Press release.