A special tax benefit given to promote specific economic or social objectives. For example, the U.S. government, having decided that individual home ownership is a boon to the economy, allows interest on a home mortgage to be subtracted, in whole or in part, from one's taxable income. The resulting lower taxation for homeowners constitutes a tax break.
The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
How to use tax break in a sentence
Thank the government who paid for it by giving their employer a tax break for doing so.Single Mothers Are Not America’s Real Welfare Queens | Amanda Marcotte | January 10, 2014 | THE DAILY BEAST
To be fair, the President is quite right that companies do not need a tax break to buy corporate jets."Tax Breaks for Corporate Jets": The Non-Issue at the Heart of the Presidential Agenda | Megan McArdle | April 10, 2013 | THE DAILY BEAST
After all, if the tax break goes away, these companies can still buy the free lunch; they just can't deduct it from their taxes.
It is very unlikely to be true that middle-income people will get a tax break in a Romney administration.
The tax break, which costs about $1 billion a year, has been periodically renewed by Congress with support from both parties.