Federal excise tax revenues from tobacco products totaled $11.3 billion in 2022. As a share of total federal revenues, they have declined from averaging 2.4% in the 1950s to 0.3% in recent years.
June 26, 2023
June 26, 2023
Total tax revenue as a share of GDP in 2021 for the US was 26.6%, compared with the OECD's average of 34.1%. The US ranked 32nd out of 38 OECD nations.
June 19, 2023
June 19, 2023
After the Economic Recovery Tax Act of 1981, the share of returns that included a deduction for contributions to an IRA exceeded 12%, until deductible IRAs were curtailed by the Tax Reform Act of 1986. In 2020, the share was 1.5%
June 12, 2023
June 12, 2023
Local property taxes comprised 72% of total local tax collections in FY 2020. Among states, this share ranged from around 40% in Alabama and Arkansas to 99% in Connecticut and Maine.
June 5, 2023
June 5, 2023
Federal payroll tax revenues were equivalent to 5.9% of GDP in 2022. After rising steadily for decades because of tax rate increases and base broadening, revenues leveled off in the 1990s, averaging 6.1% of GDP since then.
May 29, 2023
May 29, 2023
Tax law changes since 2017 have largely reduced the uptake of the itemized deduction for medical expenses. In 2020, 2.4% of total tax returns claimed the deduction compared to 6.7% in 2017.
May 22, 2023
May 22, 2023
Federal individual income tax liability as a share of adjusted gross income (AGI) increases as income rises. In tax year 2020, income tax liability was 13.6% of AGI for all tax filers, compared with 26% for tax filers in the top 1% of the income distribution.
May 15, 2023
May 15, 2023
The tax code subsidizes health care consumption through credits, deductions, and exemptions, such as the exclusion for employer contributions to insurance plans. In fiscal year 2023, Treasury estimated these provisions to total $276 billion.
May 8, 2023
May 8, 2023
Consumption tax revenue (federal, state, and local levels) was 17% of total tax revenues for the US in 2020, compared to 27% for all other OECD countries combined. This is in part because the US does not have a broad-based national sales tax, or a VAT.
May 1, 2023
May 1, 2023
In 2020, 9.4 million income tax returns (or 6% of total) claimed the Retirement Savings Contributions Credit (or Saver's Credit). This nonrefundable tax credit, enacted in 2001, matches a portion of voluntary contributions to 401(k)s, IRAs, and similar retirement plans.
April 24, 2023
April 24, 2023
The federal government spent $752 billion on national defense, or about 12% of total federal expenditures in FY 2022, compared to over 40% in the 1960s. Over time, more spending has been towards Social Security, Medicare, and Medicaid.
April 17, 2023
April 17, 2023
In tax year 2020, 9% of all individual income tax returns claimed the itemized deduction for charitable contributions. By state, the shares ranged from 3% in West Virginia to 21% in Maryland.
April 10, 2023
April 10, 2023
Per Treasury, the five largest federal tax expenditures in fiscal year 2023 will each cost over $100 billion in forgone tax revenue. These are broadly for health care benefits, housing, capital gains, retirement, and families with children.
April 3, 2023
April 3, 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.
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 other sources.