Tax Policy Center

Fiscal Facts

E.g., 10/23/2021
E.g., 10/23/2021
Residential Energy Tax Credits by AGI
Residential energy credits benefit taxpayers with higher incomes more than others. In 2017, taxpayers with over $100,000 reported 47% of total AGI and claimed 54% of the credit amount, while those with under $25,000 reported 6% of AGI and claimed 1% of the credit.

October 14, 2019

October 14, 2019
Vaccine Injury Compensation Trust Fund Revenues
The Vaccine Injury Compensation Trust Fund, in effect since 1988, is funded by excise taxes imposed on CDC-recommended vaccines routinely administered to children. Revenues totaled $309 million in 2018.

October 7, 2019

October 7, 2019
Asset Breakdown of Gross Estate Reported
The total value of all assets reported on 2017 estate tax returns was $192 billion. About 24% of the total was publicly traded stock, while another 10% was closely held stock.

September 30, 2019

September 30, 2019
EITC Uptake by Number of Qualifying Children
The federal Earned Income Tax Credit (EITC) primarily benefits low- and moderate-income taxpayers with children. Taxpayers with no qualifying child comprised 26% of EITC returns, but received 3% of the total credit amount.

September 23, 2019

September 23, 2019
Tax Expenditures on Credit Union Exemption
The federal tax law exempts credit unions from paying corporate income taxes. According to the Treasury, this exemption will cost $24 billion in forgone tax revenue between 2019 and 2028.

September 16, 2019

September 16, 2019
Tax Expenditures on Low-Income Housing Tax Credit
The Low-Income Housing Tax Credit subsidizes the construction or rehabilitation of affordable rental housing for lower-income households. According to the Treasury, this credit will cost about $100 billion in forgone tax revenue between 2019 and 2028.

September 9, 2019

September 9, 2019
Excise Taxes as Share of Federal Revenues
Excise taxes are imposed on goods and services like motor fuels, air travel, tobacco products, and alcoholic beverages. Over the last 85 years, this source of revenue has declined from 46% of total federal revenues in 1934 to 3% in 2018.

September 2, 2019

September 2, 2019
National Debt Held by the Public over Time
The national debt held by the public was 78% of GDP in 2018. According to CBO estimates, federal debt as a share of the economy will rise to levels not seen since World War II by 2035.

August 26, 2019

August 26, 2019
Tax Expenditures on Health Care
The tax code subsidizes health care costs through various credits, deductions, and exemptions, such as the exclusion for employer contributions to insurance plans. According to Treasury estimates, these tax expenditures will total $272 billion in 2019.

August 19, 2019

August 19, 2019
Tax Revenues as Share of GDP by Country
Total tax revenue as a share of GDP was 27% for the United States in 2017, compared to the OECD’s weighted average of 36%. The United States ranked 31st out of 36 OECD countries, and below all other G7 countries.

August 12, 2019

August 12, 2019
Black Lung Disability Trust Fund Annual Receipts and Payments
The Black Lung Disability Trust Fund's excise tax revenues were $384 million in 2018, while payments to affected miners were $177 million. Both revenues and payments have been declining since 1990, and the excise tax rate on coal production was cut in half in January 2019.

August 5, 2019

August 5, 2019
Distribution of Net Estate Tax
For estate tax returns filed in 2017 (which cover deaths in prior years), only 1% of the net revenue came from estates valued under $5 million, while 51% came from those valued over $50 million. The 2017 tax law will further exempt smaller estates from taxation.

July 29, 2019

July 29, 2019
State and Local Tax Deduction by AGI
About 30% of all individual income tax returns claimed the SALT deduction in 2016, and over 93% of returns with AGI over $200,000. The 2017 tax law changes will sharply reduce both the share of returns claiming the deduction and the amount of the deduction claimed.

July 22, 2019

July 22, 2019
Mortgage Interest Deduction, by State
About 22% of individual income taxpayers claimed a deduction for mortgage interest paid in 2016. The share claiming this deduction ranges from 12% in South Dakota to 33% in Maryland. The Tax Cuts and Jobs Act will significantly reduce these figures.

July 15, 2019

July 15, 2019
Income from Partnerships and S Corporations
In 2016, income from partnerships and S corporations, a form of "pass-through" income, totaled 27% of adjusted gross income (AGI) for those with AGI over $1 million, compared to 1% for those with AGI under $100,000.

July 8, 2019

July 8, 2019