Tax Policy Center

Fiscal Facts

E.g., 02/09/2022
E.g., 02/09/2022
The share of filers who checked the box for the Presidential Election Campaign Fund on their tax returns has decreased significantly over time. In 2021, the share was the lowest it has ever been, at 3.3 percent; comparatively, in 1976, this share was abou
By checking a box, tax filers can direct $3 to the Presidential Election Campaign fund at no cost to themselves. The share of tax filers checking the box has declined from 28 percent in 1976 to 3 percent in 2021.

February 7, 2022

February 7, 2022
In 2018, income from partnerships and S corporations, a form of "pass-through" income, totaled 25% of total AGI for those with AGI over $1 million, compared to 1% for those with AGI under $100,000.
In 2019, income from partnerships and S corporations, a form of "pass-through" income, totaled 25% of total AGI for those with AGI over $1 million, compared to 1% for those with AGI under $100,000.

January 31, 2022

January 31, 2022
The federal Oil Spill Liability Trust Fund is funded by an excise tax of $0.09 per barrel of crude oil. In 2020, the trust fund collected $412 million in revenue.
The federal Oil Spill Liability Trust Fund is funded by an excise tax of $0.09 per barrel of crude oil. In 2020, the trust fund collected $412 million in revenue.

January 17, 2022

January 17, 2022
State and local taxes as a share of income ranged from 7% in Tennessee to 15% in North Dakota in 2019. This does not measure comparative tax burdens on states' residents because it includes taxes on business activities borne by residents of other states.
State and local taxes as a share of income ranged from 7% in Tennessee to 15% in North Dakota in 2019. This does not measure comparative tax burdens on states' residents because it includes taxes on business activities borne by residents of other states.

January 10, 2022

January 10, 2022
Federal taxes are moderately progressive overall. In 2018, the top 1% had 16.6% of total income before taxes and 13.6% after taxes. Contrastingly, the lowest quintile had 3.8% before taxes and 7.1% after taxes.
Federal taxes are moderately progressive overall. In 2018, the top 1% had 16.6% of total income before taxes and 13.6% after taxes. Contrastingly, the lowest quintile had 3.8% before taxes and 7.1% after taxes.

January 3, 2022

January 3, 2022
Median family holdings of retirement assets generally increase with age. In 2019, the median less than 35 head of houshold had $13,000 in retirement holdings, whereas the median 65-74 head had $164,000. However, the median 75 or older head had $83,000 ret
Family holdings of retirement accounts vary widely by education attainment. In 2019, for those with college degrees, the median value of retirement accounts was nearly $120,000, compared to $20,000 for those with no high school diplomas.

December 27, 2021

December 27, 2021
In 2019, state and local tobacco tax revenue totaled $19 billion, or $58 per capita. Revenue per capita by state ranged from $5 in South Carolina to $148 in New Hampshire.
In 2019, state and local tobacco tax revenue totaled $19 billion, or $58 per capita. Revenue per capita by state ranged from $5 in South Carolina to $148 in New Hampshire.

December 20, 2021

December 20, 2021
According to OECD calculations, the top marginal income tax rate for wage income in the US (including federal, state, and local taxes) was 46% in 2020. That rate was 22nd highest out of 36 OECD countries and 7th among the G7 countries.
According to OECD calculations, the top marginal income tax rate for wage income in the US (including federal, state, and local taxes) was 46% in 2020. That rate was 22nd highest out of 36 OECD countries and 7th among the G7 countries.

December 13, 2021

December 13, 2021
In 2020, corporate income tax revenues were 1.0% of GDP. This represents a decline from an average of 4.6% of GDP in the 1950s and an average of 1.8% of GDP from the mid-1980s to the passage of the 2017 Tax Cuts and Jobs Act.
In 2020, corporate income tax revenues were 1.0% of GDP. This represents a decline from an average of 4.6% of GDP in the 1950s and an average of 1.8% of GDP from the mid-1980s to the passage of the 2017 Tax Cuts and Jobs Act.

December 6, 2021

December 6, 2021
The Tax Cuts and Jobs Act increased the standard deduction and limited the deduction for state and local taxes. In 2018, 11.4% of federal tax returns claimed the SALT deduction nationwide, ranging from 4.3% in West Virginia to 23.9% in Maryland.
The Tax Cuts and Jobs Act increased the standard deduction and limited the deduction for state and local taxes. In 2018, 11.4% of federal tax returns claimed the SALT deduction nationwide, ranging from 4.3% in West Virginia to 23.9% in Maryland.

November 29, 2021

November 29, 2021
The American Opportunity Tax Credit can offset qualified higher education expenses for eligible students. The credit largely benefits lower-income and moderate-income households.
The American Opportunity Tax Credit can offset qualified higher education expenses for eligible students. The credit largely benefits lower- and moderate-income households.

November 22, 2021

November 22, 2021
Family holdings of retirement assets vary widely by race and ethnicity. In 2019, the median White family had $80,000 in retirement holdings, whereas the median Latino family and median Black family each had less than half that amount.
Family holdings of retirement assets vary widely by race and ethnicity. In 2019, the median White family had $80,000 in retirement holdings, whereas the median Latino family and median Black family each had less than half that amount.

November 15, 2021

November 15, 2021
In 2019, per-capita state and local expenditures varied widely by geography. The highest per-capita spending was mostly concentrated in the Northeast and Pacific Coast; while the lowest per-capita spending was mostly in the South and Great Plains.
In 2019, per-capita state and local expenditures varied widely by geography. The highest per-capita spending was mostly concentrated in the Northeast and Pacific Coast; while the lowest per-capita spending was mostly in the South and Great Plains.

November 8, 2021

November 8, 2021
The average amount claimed in federal Earned Income Tax Credits (EITCs) has increased over time. In 1975, the average amount per claimant was $936 (in 2018 dollars), whereas in 2018, it was $2,451, or nearly three times more.
The average amount claimed in federal Earned Income Tax Credits (EITCs) has increased over time. In 1975, the average amount per claimant was $936 (in 2018 dollars), whereas in 2018, it was $2,451, or nearly three times more.

November 1, 2021

November 1, 2021
Many families hold some amount of financial assets, broadly defined. However, stock holdings are greatly skewed; the top ten percent of holders owned almost three times as much stock as all other percentiles combined in 2019.
Many families hold some amount of financial assets, broadly defined. However, stock holdings are greatly skewed; median holdings for the top ten percent of families owning stock were more than five times higher than the next highest percentile group in 2019.

October 25, 2021

October 25, 2021