Subscribe to our newsletters today.
Subscribe to our newsletters today.
The federal government collected revenues of $4.9 trillion in 2022—equal to 19.6 percent of gross domestic product (GDP) (figure 2). Over the past 50 years, federal revenue has averaged 17.4 percent ...
Subscribe to our newsletters today.
Subscribe to our newsletters today.
The federal government distributes grants to states and localities for many purposes. Some grants are delivered directly to these governments, but others are “pass-through” grants that first go to ...
The Tax Cuts and Jobs Act made significant changes to individual income taxes and the estate tax. Almost all these provisions expire after 2025. The Tax Cuts and Jobs Act (TCJA) made substantial ...
At current tax rates, the direct revenue loss from cutting tax rates almost always exceeds the indirect gain from increased activity or reduced tax avoidance. Cutting tax rates can, however, partly ...
Fines, fees, and forfeitures are financial penalties imposed for violations of the law. State and local governments collected a combined $13 billion in revenue from fines, fees, and forfeitures in ...
Total US tax revenue equaled 27 percent of gross domestic product, well below the 34 percent weighted average for the other 37 OECD countries. US taxes are low relative to those in other high-income ...
The federal earned income tax credit (EITC) provides a refundable credit to taxpayers based on their income and family circumstances (such as marital status and number of children). In 2023, 31 states ...