Federal Subsidies and Carveouts Comprise Nearly Half of National Health Spending

Federal Health Tax Preferences and Outlays for Health Programs as a Share of National Health Spending from All Sources, 2025

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Source: US Treasury Department, "Tax Expenditures Fiscal Year 2027," Dec. 16, 2025; US Office of Management and Budget, "Historical Tables"; Centers for Medicare and Medicaid Services, "National Health Expenditure Data"; Authors' calculations.

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