Is the Tax Expenditure Concept Still Relevant‪?‬

INTRODUCTION The term "tax expenditure" is attributed to Stanley S. Surrey who, as Assistant Secretary of the U.S. Treasury for Tax Policy, instructed his staff to compile a list of preferences and concessions in the income tax that had the nature of expenditure programs. His goal was straightforward: to draw attention to these items in hopes of building momentum for tax reform, which would redirect the tax system toward its core function of raising revenues.