Fiscal Facts | Tax Policy Center

Skip to main content

Income from partnerships and S-corporations

In 2018, income from partnership and S-corporation businesses comprised nearly a quarter of adjusted gross income (AGI) for those with AGI over $1 million, compared to 1% for those with AGI under $100,000.

April 19, 2021

Type of US businesses over time

Most US businesses are classified as pass-through businesses whose owners pay the individual income tax, not the corporate income tax. In 2017, pass-throughs comprised 96% of all business tax returns and 41% of business receipts.

April 12, 2021

State and local alcohol tax revenue by state

In 2018, state and local governments collected $7.5 billion from alcohol taxes, or $23 per capita across the nation. Alabama, Alaska, and Tennessee were the only states to collect over $50 per capita from alcohol taxes.

April 5, 2021

Distribution of net estate tax

For estate tax returns filed in 2019 (which cover deaths in prior years), over 80% of net tax revenue came from estates valued at over $20 million, while only 3% came from estates valued under $10 million.

March 29, 2021

For taxable estate tax returns filed in 2019 (which cover deaths in prior years), publicly traded stock and other business assets, including closely held stock and real estate, comprised nearly two-thirds of the total value of assets reported.

March 22, 2021

Standard versus itemized deduction by AGI

Nearly 90% of individual income taxpayers claim the standard deduction, rather than itemizing deductions. The share of itemizers varies largely by income, from 2% of those with incomes under $25,000 to 77% of those with incomes over $1 million.

March 15, 2021

Corporate income tax collections by state

Nearly half of federal corporate income tax collections came from businesses with corporate headquarters located in just 6 states (CA, NY, TX, NJ, IL, and MN) in FY 2019.

March 8, 2021

State cigarette tax rates

State cigarette tax rates in 2021 range from Missouri's 17 cents per pack to DC's $4.50 per pack. The state tax rate is below $1 per pack in 13 states and above $3 per pack in 9 states and DC.

March 1, 2021

Child tax credit by income level

Nearly 40% of tax returns claiming the Child Tax Credit have incomes under $50,000, but their share of the total credit amount is under 20%, primarily due to the credit's work requirement and phase-in rules.

February 22, 2021

February 22, 2021

Sources of Individual Income Tax Underreporting

Underreporting of income to the IRS is highest for income sources that are subject to low information reporting and withholding requirements. This includes income from farms, sole proprietor businesses, rents, and royalties.

February 15, 2021

February 15, 2021

In 2019, the median net worth for those with college degrees was four times higher than for those with high school diplomas and nearly 15 times higher than for those without high school diplomas.

February 8, 2021

February 8, 2021

Only 1.6% of all individual income tax returns claimed a deduction for IRA contributions in 2018. Following the Economic Recovery Tax Act of 1981, this share exceeded 12%, until deductible IRAs were curtailed by the Tax Reform Act of 1986.

February 1, 2021

February 1, 2021

The federal minimum wage for covered employees has been $7.25 per hour since 2009. Comparatively, in the 1960s and 1970s, the minimum wage was considerably more when adjusted for inflation.

January 25, 2021

January 25, 2021

IRS audit rate for EITC returns

In 2019, 1.1% of tax returns claiming the EITC were audited, compared with 2.4% of high-income tax returns and 0.3% of all other individual income tax returns.

January 18, 2021

January 18, 2021

Tax expenditures on health care in 2020

The tax code subsidizes health care consumption through credits, deductions, and exemptions, such as the exclusion for employer contributions to insurance plans. Before the pandemic, Treasury estimated these to total $286 billion in FY2020.

January 11, 2021

January 11, 2021