In 2017, about 1.6 million returns were filed by active C-corporations. Manufacturing businesses represented 5% of those returns, but paid nearly 30% of income tax after credits.
May 23, 2022
May 23, 2022
In FY 2020, federal estate and trust income tax collections totaled $33.7 billion, with 45% coming from Texas, New York, Nevada, Illinois, and Florida. Nevada’s share of the total (10%) was ten times its share of national population.
May 16, 2022
May 16, 2022
State and local governments spent $948 per capita on higher education in 2019, ranging from $563 in Florida to $1,565 in Delaware. These spending totals include revenue from governments and student tuition payments.
May 9, 2022
May 9, 2022
State governments and local governments rely upon a different mix of taxes for their revenues. In FY 2019, states relied more on sales taxes and individual income taxes, whereas localities mostly relied upon property taxes.
May 2, 2022
May 2, 2022
Per the US Census Bureau, state and local governments collected $28.9 billion from net lottery revenue in FY 2019. Six states did not have state lotteries; among those that did, revenue per capita ranged from Wyoming's $18 to Rhode Island's $387.
April 25, 2022
April 25, 2022
Corporate income tax revenues constituted 9% of total federal revenues in FY 2021, compared with over 50% from individual income tax revenues. Corporate income tax revenues last exceeded individual income tax revenues in 1943, during World War II.
April 18, 2022
April 18, 2022
Local governments have become more reliant on general sales taxes and gross receipts taxes over time. These taxes comprised 7.4% of total local general revenue in 2019, up from 4.6% in 1977.
April 11, 2022
April 11, 2022
Federal excise tax receipts from tobacco products totaled $12.4 billion in 2020. In inflation-adjusted terms, tobacco excise tax receipts are at roughly the same level as in the 1940s.
April 4, 2022
April 4, 2022
In 2020, among all OECD countries, share of total tax revenue from taxes on goods and services ranged from 17% in the U.S. to 55% in Chile. The U.S. does not have a federal value-added tax, unlike most OECD countries.
March 28, 2022
March 28, 2022
Between 1979 and 2018, the share of aggregate after-tax income of the top 1% of households grew significantly from 7.4% to 13.6%. In contrast, the shares for the bottom 90 percent of households declined.
March 21, 2022
March 21, 2022
The tax code includes several credits, deductions, and exclusions pertaining to natural resources and the environment. Per the Treasury, costs of these provisions sum to $1.9 billion in FY 2021, though combined revenue losses may differ due to interactions.
March 14, 2022
March 14, 2022
In fiscal year 2019, state and local governments raised $577 billion in property taxes. As a share of general revenue, New Hampshire relied the most on property tax revenue (36%) whereas Alabama and New Mexico relied the least (7%).
March 7, 2022
March 7, 2022
In fiscal year 2020, state governments across the United States raised $59 billion, or about 6% of total state-level tax revenue, from license taxes. Most of this revenue was from motor vehicle licenses and occupational and business licenses.
February 28, 2022
February 28, 2022
The federal government's Social Security spending totaled $1 trillion in 2020, or 5% of GDP. Sixty years ago, Social Security spending was about 2.3% of GDP.
February 21, 2022
February 21, 2022
28 states and DC have state-level earned income tax credits. In tax year 2022, state refundable credits range from 3% of the federal EITC in Montana to 70% in DC.
