Asbestos is found in rocks and soil. These mineral fibers have worked well for manufacturers for many reasons. For starters, theyâre flexible and resistant to heat, chemicals, and electricity. Thatâs why they were widely used for years to make construction materials, automotive parts, and even textiles.
A tax expenditure program is government spending through the tax code. Tax expenditures alter the horizontal and vertical equity of the basic tax system by allowing exemptions, deductions, or credits to select groups or specific activities.
Tax expenditures also affect overall tax rates, as well as the overall budget outlook. The revenue the federal government forgoes when it uses tax expenditures reduces the tax base and requires higher tax rates to raise the same amount of federal revenue. The seven largest tax expenditures accounted for over half of all revenue forgone by the federal government in fiscal year 2015.