Tax break is any item that avoids taxes, including any tax exemption, tax deduction, or tax credit. It is also used in the United States to refer to favorable tax treatment of any class of persons.
As of 2013, expansion and exploitation by major corporations of like-kind exchanges, originally intended to relieve family farmers of capital gains tax when swapping land or livestock, was cited by The New York Times as an example of the need for tax reform.[1]
Notes
- ^ David Kocieniewski (January 6, 2013). "Major Companies Push the Limits of a Tax Break". The New York Times. Retrieved January 7, 2013.
With hundreds of thousands of transactions a year, it is hard to gauge the true cost of the tax break for so-called like-kind exchanges, like those used by Cendant, General Electric and Wells Fargo.