Tax Policy Center

Fiscal Facts

E.g., 03/18/2022
E.g., 03/18/2022
The tax code includes some credits, deductions, and exclusions for natural resources and the environment. Per the Treasury's estimates, these tax expenditures cost the federal government $1.9 billion in revenue in fiscal year 2021.
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%).
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 2020, the United States gathered over $1 trillion in tax revenue. Of that amount, $59 billion comes from licenses revenue.
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 $1.09 trillion in 2020, or 5.2% of GDP. Fifty years back, Social Security spending was about 2.3% of GDP.
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 ranged from 3% of the federal EITC in Montana to 70% in DC.
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
The share of filers who checked the box for the Presidential Election Campaign Fund on their tax returns has decreased significantly over time. In 2021, the share was the lowest it has ever been, at 3.3 percent; comparatively, in 1976, this share was abou
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 2018, 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.
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.
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.
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.
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
Median family holdings of retirement assets generally increase with age. In 2019, the median less than 35 head of houshold had $13,000 in retirement holdings, whereas the median 65-74 head had $164,000. However, the median 75 or older head had $83,000 ret
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.

December 27, 2021

December 27, 2021
In 2019, state and local tobacco tax revenue totaled $19 billion, or $58 per capita. Revenue per capita by state ranged from $5 in South Carolina to $148 in New Hampshire.
In 2019, state and local tobacco tax revenue totaled $19 billion, or $58 per capita. Revenue per capita by state ranged from $5 in South Carolina to $148 in New Hampshire.

December 20, 2021

December 20, 2021
According to OECD calculations, the top marginal income tax rate for wage income in the US (including federal, state, and local taxes) was 46% in 2020. That rate was 22nd highest out of 36 OECD countries and 7th among the G7 countries.
According to OECD calculations, the top marginal income tax rate for wage income in the US (including federal, state, and local taxes) was 46% in 2020. That rate was 22nd highest out of 36 OECD countries and 7th among the G7 countries.

December 13, 2021

December 13, 2021
In 2020, corporate income tax revenues were 1.0% of GDP. This represents a decline from an average of 4.6% of GDP in the 1950s and an average of 1.8% of GDP from the mid-1980s to the passage of the 2017 Tax Cuts and Jobs Act.
In 2020, corporate income tax revenues were 1.0% of GDP. This represents a decline from an average of 4.6% of GDP in the 1950s and an average of 1.8% of GDP from the mid-1980s to the passage of the 2017 Tax Cuts and Jobs Act.

December 6, 2021

December 6, 2021
The Tax Cuts and Jobs Act increased the standard deduction and limited the deduction for state and local taxes. In 2018, 11.4% of federal tax returns claimed the SALT deduction nationwide, ranging from 4.3% in West Virginia to 23.9% in Maryland.
The Tax Cuts and Jobs Act increased the standard deduction and limited the deduction for state and local taxes. In 2018, 11.4% of federal tax returns claimed the SALT deduction nationwide, ranging from 4.3% in West Virginia to 23.9% in Maryland.

November 29, 2021

November 29, 2021