Tax Policy Center

Fiscal Facts

E.g., 03/31/2023
E.g., 03/31/2023
According to the Federal Reserve, 77% of US families held debt in 2019, but their sources of debt varied. 52% held debt from installment loans, 45% from credit card balances, 42% from their primary residence.
According to the Federal Reserve, 77% of US families held debt in 2019, but their sources of debt varied. 52% held debt from installment loans, 45% from credit card balances, 42% from their primary residence.

March 27, 2023

March 27, 2023
The composition of receipts has not changed substantially over the last 40 years. In FY 2022, 54% came from individual income taxes (the highest ever recorded), 9% from corporate income taxes, 30% from payroll taxes, 2% from excise taxes, and 6% from othe
The composition of receipts has not changed substantially over the last 40 years. In FY 2022, 54% came from individual income taxes (the highest ever recorded), 9% from corporate income taxes, 30% from payroll taxes, 2% from excise taxes, and 6% from other sources.

March 20, 2023

March 20, 2023
15.4 million tax returns claimed the itemized deduction for state and local taxes paid in 2020. Among those with incomes over $1 million, 72% claimed the SALT deduction, compared with 2% of those with incomes below $50,000.
15.4 million tax returns claimed the itemized deduction for state and local taxes paid in 2020. Among those with incomes over $1 million, 72% claimed the SALT deduction, compared with 2% of those with incomes below $50,000.

March 13, 2023

March 13, 2023
In 2023, state gas tax rates averaged 30 cents per gallon. Rates were lowest in Alaska (9 cents) and Hawaii (16 cents), and highest in Pennsylvania (58 cents) and California (63 cents).
In 2023, state gas tax rates averaged 30 cents per gallon. Rates were lowest in Alaska (9 cents) and Hawaii (16 cents), and highest in Pennsylvania (58 cents) and California (63 cents).

March 6, 2023

March 6, 2023
In 2019, 77% of White families had unrealized capital gains, compared with 47% of Black families, 49% of Hispanic or Latino families, and 62% of all other families. Amounts also varied significantly within each group.
In 2019, 77% of White families had unrealized capital gains, compared with 47% of Black families, 49% of Hispanic or Latino families, and 62% of all other families. Amounts also varied significantly within each group.

February 27, 2023

February 27, 2023
After-tax incomes are less unequally distributed than before-tax incomes. In 2019, the top 1% of households had 15.9% of before-tax and 13% of after-tax income, while the lowest quintile had 5.2% of before-tax and 7.7% of after tax-income.
After-tax incomes are less unequally distributed than before-tax incomes. In 2019, the top 1% of households had 15.9% of before-tax and 13% of after-tax income, while the lowest quintile had 5.2% of before-tax and 7.7% of after tax-income.

February 20, 2023

February 20, 2023
As of January 2023, state excise taxes on beer ranged from 2 cents per gallon in WY to $1.29 per gallon in TN. Purchasing a six-pack of beer costs about 71 cents more in excise taxes in TN compared with WY.
As of January 2023, state excise taxes on beer ranged from 2 cents per gallon in WY to $1.29 per gallon in TN. Purchasing a six-pack of beer costs about 71 cents more in excise taxes in TN compared with WY.

February 13, 2023

February 13, 2023
The state-level hourly minimum wage for most non-tipped employees is equal to the federal rate of $7.25 in 20 states. Massachusetts ($15), California ($15.50), Washington ($15.74), and the District of Columbia ($16.50) have the highest minimum wages.
The state-level hourly minimum wage for most non-tipped employees is equal to the federal rate of $7.25 in 20 states. Massachusetts ($15), California ($15.50), Washington ($15.74), and the District of Columbia ($16.50) have the highest minimum wages.

February 6, 2023

February 6, 2023
Across OECD countries in 2020, GDP per capita ranged from $15,700 in Colombia to $118,000 in Luxembourg. The United States ranked fourth, with $63,000.
Across OECD countries in 2020, GDP per capita ranged from $15,700 in Colombia to $118,000 in Luxembourg. The United States ranked fourth, with $63,000.

January 30, 2023

January 30, 2023
Unemployment benefits follow the economy. Due to the COVID-19 pandemic, unemployment benefits as a share of total reported salaries and wages rose to 4.8%, significantly higher than in the prior 20 years.
Unemployment benefits follow the economy. Due to the COVID-19 pandemic, unemployment benefits as a share of total reported salaries and wages rose to 4.8%, significantly higher than in the prior 20 years.

January 23, 2023

January 23, 2023
The Foreign Tax Credit is claimed by those paying income taxes to a foreign country and subject to U.S. tax on the same income. In 2020, 6% of individual income tax returns claimed the credit, including over 61% of those with adjusted gross incomes over $
The Foreign Tax Credit is claimed by those paying income taxes to a foreign country and subject to U.S. tax on the same income. In 2020, 6% of individual income tax returns claimed the credit, including over 61% of those with adjusted gross incomes over $1 million.

January 16, 2023

January 16, 2023
State and local governments collected $26.7 billion from net lottery revenue in FY 2020. Five states did not have state lotteries; among those that did, lottery revenue per capita ranged from North Dakota's $14 to Rhode Island's $249.
State and local governments collected $26.7 billion from net lottery revenue in FY 2020. Five states did not have state lotteries; among those that did, lottery revenue per capita ranged from North Dakota's $14 to Rhode Island's $249.

January 9, 2023

January 9, 2023
On taxable estate tax returns filed in 2021 (which cover deaths in prior years), publicly traded stock comprised 30% of the total value of assets reported.
On taxable estate tax returns filed in 2021 (which cover deaths in prior years), publicly traded stock comprised 30% of the total value of assets reported.

January 2, 2023

January 2, 2023
In 2019, 10.8% of federal tax returns claimed the SALT deduction nationwide, ranging from 4.0% of total tax returns in West Virginia to 23.1% in Maryland.
In 2019, 10.8% of federal tax returns claimed the SALT deduction nationwide, ranging from 4.0% of total tax returns in West Virginia to 23.1% in Maryland.

December 26, 2022

December 26, 2022
Assets reported on the tax returns of active corporations totaled $115 trillion in tax year 2019. Over the last 20 years, adjusted for inflation, their value has grown 25%
Assets reported on the tax returns of active corporations totaled $115 trillion in tax year 2019. Over the last 20 years, adjusted for inflation, their value has grown 25%.

December 19, 2022

December 19, 2022