Wealth and debt vary widely by race or ethnicity. Between 1989 and 2016, the average net worth of non-Hispanic White families ranged from 4 to 7 times higher than for Black and Hispanic families.
April 6, 2020
April 6, 2020
Individual income tax refunds issued by IRS have increased steadily over time, but spiked between 2007 and 2010 due to the Economic Stimulus Act of 2008 and American Recovery and Reinvestment Act of 2009.
March 30, 2020
March 30, 2020
The EITC is the most effective anti-poverty program for low- and moderate-income working families. In 2017, the federal credit was claimed by 18% of all individual income tax returns, and over 25% of returns in Louisiana and Mississippi.
March 23, 2020
March 23, 2020
Consumption tax revenue (federal, state, and local levels) was 18% of total tax revenues for the US in 2018, compared to 28% for all other OECD countries. This is in part because the US does not have a broad-based national sales tax, or a VAT.
March 16, 2020
March 16, 2020
The IRS staff was around 73,500 full-time-equivalent employees in fiscal year 2018. The workforce has declined by over 35 percent between 1989 and 2018.
March 9, 2020
March 9, 2020
Corporate income tax revenues have averaged around 10% of total federal revenues since the 1980s, but dropped to around 6% after the 2017 tax law reduced the tax rate from 35% to 21% and enacted temporary investment incentives.
March 2, 2020
March 2, 2020
State general sales tax rates range from 2.9% in Colorado to 7.25% in California. Five states do not have a statewide general sales tax. In most states, localities also levy sales taxes, increasing the total sales tax rate paid.
February 24, 2020
February 24, 2020
The federal excise tax on gasoline is 18.4 cents per gallon, and has not increased since 1993. If the tax rate was adjusted for inflation since 1993, it would be 33 cents per gallon in 2020.
February 17, 2020
February 17, 2020
Virginia is considering its first increase in its statewide gasoline tax in 30+ years. Currently, state tax rates on gasoline range from 9 cents per gallon in Alaska to 58 cents per gallon in Pennsylvania.
February 10, 2020
February 10, 2020
State cigarette tax rates in 2020 range from Missouri's 17 cents per pack to DC's $4.50 per pack. The rate is below $1 per pack in 14 states and above $4 per pack in 3 states and DC.
February 3, 2020
February 3, 2020
The federal tax code subsidizes qualified research expenses for businesses. According to the Treasury, these tax credits will cost over $200 billion between 2019 and 2028.
January 27, 2020
January 27, 2020
47% of federal business tax collections (primarily corporate income tax receipts) came from businesses with corporate headquarters located in just 6 states (CA, NY, TX, NJ, IL, and MN) in FY 2018.
January 20, 2020
January 20, 2020
The federal unemployment insurance trust fund is financed by federal and state taxes assessed on employers. Revenues last peaked in 2012 as states repaid loans made to state unemployment programs during the Great Recession.
January 13, 2020
January 13, 2020
Income from partnerships and S corporations (which are called "pass-through" businesses) was over 20% of adjusted gross income (AGI) for taxpayers with AGI over $1 million in 2017, compared to 1% for those with AGI under $100,000.
January 6, 2020
January 6, 2020
Salaries and wages are the largest sources of income for most households. In 2017, they were almost 70% of aggregate adjusted gross income (AGI) for all individual income tax returns, but less than 20% for those taxpayers with AGI over $10 million.
