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Tax break is a term referring to any item which avoids taxes, including any tax exemption, tax deduction, or tax credit. "Tax break, or "tax loophole," is used pejoratively in the United States to refer to purportedly favorable tax treatment of any class of persons, as in "individuals get a tax break for so and so". 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.
The purpose of a tax break should be to: a) promote an activity that benefits society in the future and b) gives relief to those who currently need help.
- 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."