In tax year 2020, 9% of all individual income tax returns claimed the itemized deduction for charitable contributions. By state, the shares ranged from 3% in West Virginia to 21% in Maryland.
Without better outreach and communication from the IRS, the new $600 reporting threshold might drive more otherwise law-abiding taxpayers to work around the reporting rule.
Like all presidential budgets, President Biden’s fiscal year 2024 proposals reflect the priorities he would set for the nation. As in prior years, Biden would...
Table shows the change in the distribution of federal taxes, by expanded cash income level in 2027, of the Energy Security production tax credit provisions...
Table shows the change in the distribution of federal taxes, by expanded cash income percentile in 2027, of the Energy Security production tax credit provisions...
Table shows the change in the distribution of federal taxes, by expanded cash income level in 2027, of the Energy Security investment tax credit provisions...
Table shows the change in the distribution of federal taxes, by expanded cash income percentile in 2027, of the Energy Security investment tax credit provisions...
Table shows the change in the distribution of federal taxes, by expanded cash income level in 2027, of the Energy Security individual tax credit provisions...
Table shows the change in the distribution of federal taxes, by expanded cash income percentile in 2027, of the Energy Security individual tax credit provisions...
The Treasury Department unveiled guidelines for how new electric vehicles can qualify for the tax credits established by the Inflation Reduction Act. In a press...
Per Treasury, the five largest federal tax expenditures in fiscal year 2023 will each cost over $100 billion in forgone tax revenue. These are broadly for health care benefits, housing, capital gains, retirement, and families with children.
President Biden’s fiscal year 2024 budget would revive 2021’s enhanced child tax credit (CTC) with some new twists that seek to make the credit work...
As expected, President Biden’s 2024 proposed budget included several changes to the tax treatment of foreign income. Although prior attempts to rewrite these tax rules...
House Budget Committee holds a hearing on the “fiscal state of the union.” The House Budget Committee heard thoughts from leading public finance experts yesterday...
A new study blames tax cuts, not spending increases, for the federal government’s fiscal trajectory. First reported by Semafor , research from the Center for...
According to the Federal Reserve, 77% of US families held debt in 2019, but their sources of debt varied. 52% held debt from installment loans, 45% from credit card balances, 42% from their primary residence.
Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income percentiles in 2024, due to the individual income, payroll, and estate tax provisions in the Administration's FY2024 budget proposal.
Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income level in 2026, due to the individual income, payroll, and estate tax provisions in the Administration's FY2024 budget proposal.
Table shows the distribution of tax units that see a tax increase or a tax cut ("winners and losers"), by expanded cash income percentiles in 2026, due to the individual income, payroll, and estate tax provisions in the Administration's FY2024 budget proposal.