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.
October 17, 2022
October 17, 2022
In FY 2021, 40% of the IRS' personnel worked on examinations and collections, 34% on filing and account services, 9% on information services and business modernization, and 4% on investigations.
October 10, 2022
October 10, 2022
Shares of individual, corporate, and payroll tax receipts have been roughly stable over the past two decades. However, between 2020 and 2021 individual and corporate receipts increased as a share of total receipts (by 4% and 3% respectively) and payroll tax receipts declined by 5%.
October 3, 2022
October 3, 2022
Federal debt held by the public was $22.3 trillion in FY 2021, or 99.7% of GDP. Recovery efforts in response to the COVID-19 pandemic caused the recent spike, but the Congressional Budget Office projects debt-to-GDP will reach a record-high 110% by 2032.
September 26, 2022
September 26, 2022
Among OECD countries in 2020, taxes on goods and services as a share of GDP ranged from the 4.3% in the United States to 16.2% in Hungary.
September 19, 2022
September 19, 2022
In 2020, state and local governments collected $2,569 per capita in nontax general revenue, ranging from Connecticut's $1,511 to Alaska's $5,932. Nontax revenue sources include oil and gas royalties, public tuition payments, and highway tolls.
September 12, 2022
September 12, 2022
In 2019, interest and dividends comprised 21% of adjusted gross income (AGI) for those with AGI over $10 million, compared to 3% for those with AGI under $100,000.
September 5, 2022
September 5, 2022
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.