Tax Policy Center

Fiscal Facts

E.g., 04/19/2024
E.g., 04/19/2024
Racial wealth gap over time
Racial disparities in wealth have persisted over time. New Federal Reserve data show that in 2019, the median net worth of White families was 5 to 8 times greater than for Latino families and Black families.

October 19, 2020

October 19, 2020
In 2019, the IRS audited 0.45% of all individual income tax returns filed. This was the lowest individual audit rate in at least 20 years.

October 12, 2020

October 12, 2020
SALT deduction by AGI in 2017 and 2018
The Tax Cuts and Jobs Act caused the share of taxpayers claiming the SALT deduction to drop by nearly two-thirds between 2017 and 2018. For those with AGI over $200,000, the share dropped from 93% to 54%.

October 5, 2020

October 5, 2020
The Tax Cuts and Jobs Act of 2017 expanded the Child Tax Credit and extended its benefits to higher-income taxpayers. For those with AGI over $100,000, benefits as a share of AGI increased five-fold from 0.1% to 0.5% between 2017 and 2018.

September 28, 2020

September 28, 2020
SALT deduction by AGI in 2017 and 2018
For tax year 2018, the share of tax returns itemizing deductions fell across all income groups due to passage of TCJA. 52% of those with income over $200,000 itemized for 2018, significantly less than the 93% itemizing for 2017.

September 21, 2020

September 21, 2020
Type of deduction over time
Between 2017 and 2018, the share of individual income tax returns claiming itemized deductions declined from 31% to 11%, primarily due to the Tax Cuts and Jobs Act, enacted in 2017.

September 14, 2020

September 14, 2020
Federal tobacco excise tax revenue
In 2019, federal tobacco excise tax revenues totaled $12.5 billion. Excise taxes on tobacco are imposed on a cents per unit basis. Accordingly, real revenues decline due to inflation unless tax rates are raised, which happened most recently in 2009.

September 7, 2020

September 7, 2020
Types of US businesses over time
Most US businesses are nonfarm sole proprietorships, which have comprised about 70% or more of business tax returns filed each year since 1980. These businesses accounted for 4.3% of total business receipts in 2015.

August 31, 2020

August 31, 2020
State Minimum Wage Rates
The minimum wage for most non-tipped employees is equal to the federal rate of $7.25 an hour in 21 states. For the other 29 states and DC, the minimum wage averages just over $10.50 per hour, ranging up to $15 an hour in DC.

August 24, 2020

August 24, 2020
OECD Top Marginal Income Tax Rate
According to OECD calculations, the top marginal income tax rate on wage income (including federal, state, and local levels) was 46% for the US in 2018. The US ranked 22nd out of 36 OECD countries.

August 17, 2020

August 17, 2020
Grocery food is exempt from general sales taxes in most states. And among the 13 states that tax it, only Alabama, Mississippi, and South Dakota levy their full tax rate without a credit or rebate.

August 10, 2020

August 10, 2020
Individual income tax returns filed electronically
Over 137 million federal individual income tax returns, or 89% of the total, were filed electronically in fiscal year 2019. Nearly two decades before, in 2000, this share of returns was under 30%.

August 3, 2020

August 3, 2020
Federal outlays by function
The federal government's expenditures totaled $4.45 trillion in fiscal year 2019. Nearly two-thirds of the total was spent on major healthcare programs, Social Security, and national defense.

July 27, 2020

July 27, 2020
Social Security Benefits by AGI
Social Security benefits are an important source of income for households with lower incomes. In 2017, benefits comprised 15% of total adjusted gross income (AGI) for those with AGI under $50,000, compared to less than 1% for those with AGI over $500,000.

July 20, 2020

July 20, 2020
Gross and net tax gap
The average annual gross tax gap, or the difference between federal taxes owed and the amount paid on time, was $441 billion in 2011-13, according to the IRS's latest estimates. After accounting for late payments and enforcement activities, the net tax gap was $381 billion.

July 13, 2020

July 13, 2020