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.
February 14, 2022
February 14, 2022
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 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.
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.
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.
January 3, 2022
January 3, 2022
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.
