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The federal government spent $1.2 trillion on Social Security in FY 2022, which comprised 19% of total federal spending. OMB estimates Social Security will be 23% of total federal spending by 2028.

The federal government spent $1.2 trillion on Social Security in FY 2022, which comprised 19% of total federal spending. OMB estimates Social Security will be 23% of total federal spending by 2028.

August 21, 2023

August 21, 2023

For estate tax returns filed in 2021 (which cover deaths in prior years), over 80% of net tax revenue came from estates valued at over $20 million, while only 1% came from estates valued under $10 million.

For estate tax returns filed in 2021 (which cover deaths in prior years), over 80% of net tax revenue came from estates valued at over $20 million, while only 1% came from estates valued under $10 million.

August 14, 2023

August 14, 2023

The EITC primarily boosts the incomes of low-income working families with children. In 2020, nearly 80% of total EITC benefits went to tax filers with adjusted gross income under $30,000.

The EITC primarily boosts the incomes of low-income working families with children. In 2020, nearly 80% of total EITC benefits went to tax filers with adjusted gross income under $30,000.

August 7, 2023

In the past 90 years, the top federal individual income tax rate has ranged from 7 percent to 94 percent. In 2023, the top rate is 37 percent.

In the past 90 years, the top federal individual income tax rate has ranged from 7 percent to 94 percent. In 2023, the top rate is 37 percent.

July 31, 2023

In 2021, state and local governments collected $19.5 billion from tobacco taxes. In terms of revenue per capita, New Hampshire ($181), Rhode Island ($145), and Alaska ($138) collected the most.

In 2021, state and local governments collected $19.5 billion from tobacco taxes. In terms of revenue per capita, New Hampshire ($181), Rhode Island ($145), and Alaska ($138) collected the most.

July 24, 2023

In 2021, state and local governments spent $756 billion on elementary and secondary education. As a share of total state and local direct general expenditures, spending has ranged from 26% in 1977 to 21% in 2021.

In 2021, state and local governments spent $756 billion on elementary and secondary education. As a share of total state and local direct general expenditures, spending has ranged from 26% in 1977 to 21% in 2021.

July 17, 2023

In 2022, across the 38 OECD countries, the average statutory corporate tax rate was 23.6%. The United States had the14th highest rate at 25.8%.

In 2022, across the 38 OECD countries, the average statutory corporate tax rate was 23.6%. The United States had the14th highest rate at 25.8%.

July 10, 2023

Of the IRS's $14.3 billion budget in FY 2022, 38% went towards enforcement, 36% towards operations support, 23% towards taxpayer services, and 3% towards business systems modernization.

Of the IRS's $14.3 billion budget in FY 2022, 38% went towards enforcement, 36% towards operations support, 23% towards taxpayer services, and 3% towards business systems modernization.

July 3, 2023

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.

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

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.

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

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%

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

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.

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

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.

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

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.

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

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 distribut

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