Itemizing, as opposed to claiming the standard deduction, is more common among those with higher incomes. In 2021, 2% of taxpayers with incomes less than $50,000 itemized, compared with 69% of taxpayers with incomes over $1 million.
March 18, 2024
The composition of local general revenue has been relatively stable over time. However, compared to 1977, the share of revenue from charges has increased while the shares from federal and state aid and the property tax have declined.
March 11, 2024
The foreign tax credit prevents double-taxation of foreign-source income. In tax year 2021, only 7% of individual filers claimed the foreign tax credit, while 62% of taxpayers with adjusted gross income over $1 million claimed it.
March 4, 2024