U.S. tax law is filled with so many credits, deductions and exemptions that Americans will be able to reduce their tax bills by about $1.1 trillion this year, according to congressional estimates.
The biggest tax breaks, and the amount they will save taxpayers this year:
-Employer contributions toward workers' medical insurance premiums and medical care are not taxed: $181 billion.
-Retirement plan contributions and earnings are not taxed: $165 billion.
-Mortgage interest deduction: $101 billion.
-Lower tax rates on long-term capital gains and qualified dividends: $84 billion.
-Deduction for state and local taxes: $69 billion.
