The number of tax deductions has nearly doubled since the last major overhaul of the tax code in 1986. Only 8 percent of tax deductions go to corporations. Most go to individual taxpayers or small businesses. The most claimed tax deductions in 2011 were:
1. Employer contributions for medical insurance premiums and medical care, $173.7 billion
2. Home mortgage interest rate deductions, $88.8 billion
3. 401(k) plans, $62.9 billion
4. Earned income tax credit, $62.5 billion
5. Capital gains at death, $50.9 billion
Source: U.S. Department of Treasury, reported by The Washington Post
Dave Flessner is the business editor for the Times Free Press. A journalist for 35 years, Dave has been business editor and projects editor for the Chattanooga Times Free Press, city editor for The Chattanooga Times, business and county reporter for the Chattanooga Times, correspondent for the Lansing State Journal and Ingham County News in Michigan, staff writer for the Hastings Daily Tribune in Nebraska, and news director for WCBN-FM in Michigan. Dave, a native ...