Unemployment benefits follow the economy. Due to the COVID-19 pandemic, unemployment benefits as a share of total reported salaries and wages rose to 4.8%, significantly higher than in the prior 20 years.
Thirty-five states and the District of Columbia passed significant tax cuts in calendar year 2022. However, the design and effect of those tax cuts varied significantly. Using the Tax Policy Center state income tax model, we analyzed three major types of individual income tax cuts—tax rate cuts,
The Foreign Tax Credit is claimed by those paying income taxes to a foreign country and subject to U.S. tax on the same income. In 2020, 6% of individual income tax returns claimed the credit, including over 61% of those with adjusted gross incomes over $1 million.