Tax Policy Center

Fiscal Facts

E.g., 12/02/2023
E.g., 12/02/2023
Between 1989 and 2022, in inflation-adjusted terms, the median net wealth of those with college degrees has increased 58%, whereas it has decreased 32% for those without high school diplomas. One explanation is the group without high school diplomas shrun
Between 1989 and 2022, in inflation-adjusted terms, the median net wealth of those with college degrees has increased 58%, whereas it has decreased 32% for those without high school diplomas. One explanation is the group without high school diplomas shrunk from 1989 to 2022.

November 27, 2023

November 27, 2023
Virtually all families hold some amount of financial assets, broadly defined. While 99% of families held checking or savings accounts in 2022, only 54% of families held retirement accounts and 21% owned stocks.
Virtually all families hold some amount of financial assets, broadly defined. While 99% of families held checking or savings accounts in 2022, only 54% of families held retirement accounts and 21% owned stocks.

November 20, 2023

November 20, 2023
Stock holdings are much higher for families with the highest incomes. In 2022, the median value of stocks held by the top 10% of families by income was over $600,000, compared with around $8,000 for the bottom 20% of families by income.
Stock holdings are much higher for families with the highest incomes. In 2022, the median value of stocks held by the top 10% of families by income was over $600,000, compared with around $8,000 for the bottom 20% of families by income.

November 13, 2023

November 13, 2023
Eligibility for the EITC has been expanded from the credit's inception in 1975. In 2021, the EITC was claimed on 31 million federal income tax returns.
Eligibility for the EITC has been expanded from the credit's inception in 1975. In 2021, the EITC was claimed on 31 million federal income tax returns.

November 6, 2023

November 6, 2023
State and local governments spent $143 per capita on parks and recreation in 2021. Spending has seen ups and downs in recent decades, and has generally grown from under $100 per capita in the 1970s and 1980s.
State and local governments spent $143 per capita on parks and recreation in 2021. Spending has seen ups and downs in recent decades, and has generally grown from under $100 per capita in the 1970s and 1980s.

October 30, 2023

October 30, 2023
Residential energy credits tend to benefit higher income groups. In 2020, taxpayers with adjusted gross income (AGI) over $100,000 reported 48% of total AGI and claimed 54% of the credit amount, while those with AGI under $25,000 reported 5% of AGI and cl
Residential energy credits tend to benefit higher income groups. In 2020, taxpayers with adjusted gross income (AGI) over $100,000 reported 48% of total AGI and claimed 54% of the credit amount, while those with AGI under $25,000 reported 5% of AGI and claimed 1% of the credit.

October 23, 2023

October 23, 2023
Itemizing, as opposed to claiming the standard deduction, is much more common among taxpayers with higher incomes. In 2020, 1% of taxpayers with incomes less than $25,000 itemized, compared with 72% of taxpayers with incomes over $1 million.
Itemizing, as opposed to claiming the standard deduction, is much more common among taxpayers with higher incomes. In 2020, 1% of taxpayers with incomes less than $25,000 itemized, compared with 72% of taxpayers with incomes over $1 million.

October 16, 2023

October 16, 2023
In 2019, 53% of families reported holding any stocks, up from 32% three decades back in 1989. This increase largely came from indirect holdings.
In 2019, 53% of families reported holding any stocks, up from 32% three decades back in 1989. This increase largely came from indirect holdings.

October 9, 2023

October 9, 2023
In most states, groceries are exempt from general sales taxes. And among the 12 states that tax it, only Alabama and Mississippi levy their full tax rate without a credit or rebate.
In most states, groceries are exempt from general sales taxes. And among the 12 states that tax it, only Alabama and Mississippi levy their full tax rate without a credit or rebate.

October 2, 2023

October 2, 2023
In 2021, state and local governments collected $22 billion in total from government-owned liquor stores and alcohol sales and license taxes, or $67 per capita. Among states, it ranged from CO's and MO's $10 to NH's $599 per capita.
In 2021, state and local governments collected $22 billion in total from government-owned liquor stores and alcohol sales and license taxes, or $67 per capita. Among states, it ranged from CO's and MO's $10 to NH's $599 per capita.

September 25, 2023

September 25, 2023
Among active C-corporations in 2019, manufacturing businesses represented 4% of all tax returns filed but paid nearly 27% of total corporate income tax after credits.
Among active C-corporations in 2019, manufacturing businesses represented 4% of all tax returns filed but paid nearly 27% of total corporate income tax after credits.

September 18, 2023

September 18, 2023
Taxes provided less than 66% of state and local own-source revenue in 15 states. These states generally relied more on charges, such as tuition, public hospitals payments, and highway tolls.
Taxes provided less than 66% of state and local own-source revenue in 15 states in FY 2021. These states generally relied more on charges, such as tuition, public hospitals payments, and highway tolls.

September 11, 2023

September 11, 2023
Federal debt held by the public was 97% of GDP in 2021. It increased sharply after 2010 due to the great recession and then recovery efforts in response to the COVID-19 pandemic and is projected to increase to 107% of GDP in 2028.
Federal debt held by the public was 97% of GDP in 2021. It increased sharply after 2010 due to the great recession and then recovery efforts in response to the COVID-19 pandemic and is projected to increase to 107% of GDP in 2028.

September 4, 2023

September 4, 2023
In FY 2022, the federal government spent $1.3 trillion on Medicare ($747 billion) and Medicaid ($592 billion), together comprising 21% of total federal spending. Their share has grown from averaging 9% in the 1980s and 15% in the 1990s to 23% in the 2010s
In FY 2022, the federal government spent $1.3 trillion on Medicare ($747 billion) and Medicaid ($592 billion), together comprising 21% of total federal spending. Their share has grown from averaging 9% in the 1980s and 15% in the 1990s to 23% in the 2010s.

August 28, 2023

August 28, 2023
The federal government spent $1.2 trillion on Social Security in FY 2022, which comprised 19% of total federal spending. OMB estimates Social Security will be 23% of total federal spending by 2028.
The federal government spent $1.2 trillion on Social Security in FY 2022, which comprised 19% of total federal spending. OMB estimates Social Security will be 23% of total federal spending by 2028.

August 21, 2023

August 21, 2023