9.1% of individual income tax filers claimed the deduction for charitable contributions in tax year 2019. Among states, the share was highest in Maryland (19.6%) and lowest in West Virginia (3.1%).
August 29, 2022
August 29, 2022
The federal government collected $5.3 billion from taxes on retirement annuities of railroad workers in fiscal year 2021. Railroad retirement tax collections were relatively stable for years before the COVID-19 pandemic.
August 22, 2022
August 22, 2022
Tax returns claiming the Credit for the Elderly or the Disabled have declined over time since the credit amount and income limits have not been adjusted for inflation in 35 years. In 2019, 41,000 claimed the credit, compared to over 300,000 in the 1970s and 1980s.
August 15, 2022
August 15, 2022
In 2019, the homeownership rate across all US families was 64%, but this varied by race and ethnicity. About 45% each of Black families and Hispanic or Latino families owned their primary residence, compared with 73% of White families.
August 8, 2022
August 8, 2022
Between 1989 and 2019, median family net worth increased 22% for those with college degrees and decreased 57% for those without high school diplomas. One explanation is the group without high school diplomas shrunk from 1989 to 2019.
August 2, 2022
August 2, 2022
In 2019, 10% of total state motor fuel tax revenue was allocated to mass transit. Only DC (95%) and MD (55%) allocated over half of this revenue source to mass transit, while others mostly allocated it to state-administered highways.
July 25, 2022
July 25, 2022
In FY 2019, state and local governments spent 3.7% of their total direct general expenditures on police. Nevada (5.6%) and Florida (5.5%) spent the most, while Kentucky (2.1%) spent the least.
July 18, 2022
July 18, 2022
In 2019, 4.4 million tax returns (2.8% of the total) claimed the itemized deduction for medical expenses. Tax law changes since 2017 have largely reduced the uptake of the deduction.
July 11, 2022
July 11, 2022
The IRS workforce has declined substantially over the past three decades. In FY 1991, the IRS had 451 employees per million U.S. residents, whereas it had 237 employees per million U.S. residents three decades later, in FY 2021.
July 4, 2022
July 4, 2022
Stocks are largely held by the families with the highest incomes. In 2019, the median value of stock holdings held by the top 10% of families by income was just under $400,000, compared with less than $1,000 for the bottom 20% of families by income.
June 27, 2022
June 27, 2022
The amount of employees' wages subject to unemployment insurance taxes vary by state, ranging from $7,000 in AZ, CA, FL, and TN to $62,500 in WA. Each state’s minimum and maximum tax rates also vary considerably.
June 20, 2022
June 20, 2022
The federal government spent $742 billion on national defense, or about 11% of total federal expenditures in FY 2021, compared to over 40% in the 1960s. Over time, more spending has been towards Social Security, Medicare, and Medicaid.
June 13, 2022
June 13, 2022
The foreign tax credit prevents double-taxation of foreign-source income. In tax year 2019, only 6% of individual filers claimed the foreign tax credit, while 64% of taxpayers with adjusted gross income over $1 million claimed it.
June 6, 2022
June 6, 2022
Total tax revenue as a share of GDP was 26.2% across 38 OECD countries in FY 2020. The United States ranked 20th, with 25.5%.
May 30, 2022
May 30, 2022
In 2017, about 1.6 million returns were filed by active C-corporations. Manufacturing businesses represented 5% of those returns, but paid nearly 30% of income tax after credits.
