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 $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.
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.
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.
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%.
December 19, 2022
December 19, 2022
Income from capital gains made up about 7% of aggregate adjusted gross income (AGI) in 2019, but this varied by income level. For those with AGI over $1 million, capital gains accounted for 31% of their income.
December 12, 2022
December 12, 2022
In tax year 2019, about $110 billion was claimed in state and local property tax deductions, primarily by higher-income tax filers. Those with over $100,000 in adjusted gross income claimed 75% of the amount of deductions.
December 5, 2022
December 5, 2022
Between 1977 and 2020, the composition of local general revenue stayed relatively stable. Notably, federal and state aid as well as property tax revenue declined, whereas revenue from charges (nontax payments for specific government services) increased.
November 28, 2022
November 28, 2022
The federal government levies taxes on gasoline (18.4 cents a gallon) and diesel (24.4 cents a gallon). These tax rates have been unchanged since 1993. If the gasoline tax rate had been adjusted for inflation since 1993, it would be 38 cents per gallon.
November 21, 2022
November 21, 2022
The IRS collected over $3.6 trillion in income taxes from individuals across all states in FY 2021. By state, collections per capita were highest in DC ($37,000) and Massachusetts ($19,000) and lowest in West Virginia ($4,000).
November 14, 2022
November 14, 2022
About 168 million individual income tax returns were filed in FY 2021, up from 157 million in FY 2020 and 154 million in FY 2019.
November 7, 2022
November 7, 2022
In 2019, about 89% of all filers claimed the standard deduction while 11% itemized deductions. The share who itemize increases with income, from 2% for taxpayers with incomes less than $25,000 to 76% for taxpayers with incomes over $1 million.
October 31, 2022
October 31, 2022
In 2020, compared to Canada, the United States relied more on personal income taxes and payroll taxes than on corporate income taxes and consumption taxes.
October 24, 2022
October 24, 2022
The EITC supports low- and moderate-income working families. It also provides modest benefits for workers without qualifying children. In 2019, over 80% of total EITC benefits went to tax filers with incomes under $30,000.