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The Tax Cuts and Jobs Act cut taxes substantially from 2018 through 2025. The resulting deficits are adding $1 to $2 trillion to the federal debt, according to official estimates from before and ...

State and local governments collected a combined $4.1 trillion of general revenues in fiscal year 2021, from a mix of income taxes, sales taxes, property taxes, charges for specific government ...

The Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) estimate the budgetary effects of tax, spending, and regulatory legislation. The resulting “scores” play a major role in ...

The top 10 percent of income earners pays more than 90 percent of the tax, with nearly 30 percent paid by the richest 0.1 percent. Few farms or family businesses pay the tax. The Urban-Brookings Tax ...

Workers, owners of capital, and households that consume a disproportionate amount of taxed items all bear the burden of federal excise taxes. Excise taxes create a wedge between the price the final ...

A revenue-neutral national retail sales tax would be more regressive than the income tax it replaces. A national retail sales tax would create a wedge between the prices consumers pay and the amount ...

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 ...

A "soda tax" is generally imposed as a per ounce excise tax on drinks sweetened with sugar. No state currently levies taxes on soda alone, but a few localities do. While often called soda taxes, these ...

The credit provides an incentive for investment in low-income communities. The US Department of the Treasury competitively allocates tax credit authority to intermediaries that select investment ...

About $6.7 billion in 2023, or 0.3 percent of all individual income tax revenue. That is down significantly from $38.3 billion—2.5 percent of income tax revenue—in 2017, primarily because of the 2017 ...

The difference is whether heirs who sell an inherited asset will pay tax on the capital gains from the time the asset was originally purchased or from the time it was inherited. The difference in tax ...