Tax Policy Center

Fiscal Facts

E.g., 11/04/2021
E.g., 11/04/2021
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
In the 2020 fiscal year, the tax code subsidized regional development costs through various credits, deductions, and exclusions. The total of these tax expenditures was $4.8 billion in 2020.
The tax code includes several credits, deductions, and exclusions for economic development projects in underserved areas. In the 2021 fiscal year, these tax expenditures cost the federal government $5.4 billion in revenue.

October 18, 2021

October 18, 2021
In the last 20 years, the median state cigarette tax rate more than tripled from $0.51 to $1.78 (in 2021 dollars). However, state cigarette taxes still vary significantly—from $0.17 in Missouri to $4.50 in DC.
In the last 20 years, the median state cigarette tax rate more than tripled from $0.51 to $1.78 (in 2021 dollars). However, state cigarette taxes still vary significantly—from $0.17 in Missouri to $4.50 in DC.

October 11, 2021

October 11, 2021
CBO estimates that the top 1 percent will bear about 45% of the burden of the corporate income tax in 2019, up from 29% in 1979. Shares of most other groups have declined.
CBO estimates that the top 1 percent will bear about 45% of the burden of the corporate income tax in 2019, up from 29% in 1979. Shares of most other groups have declined.

October 4, 2021

October 4, 2021
Shares of after-tax income over time
After-tax income inequality has grown over time. Between 1979 and 2018, the share of aggregate after-tax income going to the top 1% of households grew from 7.4% to 13.6%. The shares for the bottom 90% of households by income declined.

September 27, 2021

September 27, 2021
State sales taxes on food sales
Grocery food is exempt from most state-level general sales taxes. Among the 13 states that tax it, only Alabama, Mississippi, and South Dakota levy their full tax rate without any credit or rebate.

September 20, 2021

September 20, 2021
Tax exemption for credit unions
Federal tax law exempts credit unions from paying corporate income taxes. According to the Treasury, this exemption will cost $25 billion in forgone tax revenue between 2021 and 2030.

September 13, 2021

September 13, 2021
State minimum wage rates
The minimum cash wage for most tipped employees is equal to the federal rate of $2.13 an hour in 16 states, higher than $2.13 but lower than their own state minimum wage in 27 states and DC, and equal to their state minimum wage in 7 states.

September 6, 2021

September 6, 2021
Reliance on state and local general charges
General charges, or payments for specific government services such as hospital fees, state university tuition, and parking meters, totaled $548 billion in 2018. Over time, these have grown from 14% of own-source state and local general revenue in 1978 to 21% in 2018.

August 30, 2021

August 30, 2021
Highway Trust Fund's excise tax receipts over time
Taxes on motor fuels are the biggest revenue source for the Highway Trust Fund, but those tax rates have not changed since 1993. In recent years, transfers from the General Fund have been necessary to support trust fund spending.

August 23, 2021

August 23, 2021
Individual income tax revenue by state
Individual income taxes comprised 17% of own-source state and local general revenue (excluding federal transfers) in 2018. This share was over 25% n CT, MA, MD, NY, and OR. Nine states do not have a broad-based individual income tax.

August 16, 2021

August 16, 2021
Homeownership rates by educational attainment
In 2019, the homeownership rate across all US households was 65%. For those with college degrees, the homeownership rate was 75%, compared to 51% for those with no high school diplomas.

August 9, 2021

August 9, 2021
Deduction for charitable contributions by AGI
In 2018, deductions for charitable contributions were 4.8% of AGI for taxpayers with AGI over $1 million, compared to 1.7% for all taxpayers. In part, this is because 77% of those taxpayers were itemizers, compared with 11% of all taxpayers.

August 2, 2021

August 2, 2021
Federal excise tax rate on gasoline over time
The federal excise tax on gasoline is 18.4 cents per gallon, and has not increased since 1993, unlike most state tax rates. If the federal tax rate was adjusted for inflation since 1993, it would be 34 cents per gallon in 2021.

July 26, 2021

July 26, 2021