The composition of receipts has not changed substantially over the last 40 years. In FY 2022, 54% came from individual income taxes (the highest ever recorded), 9% from corporate income taxes, 30% from payroll taxes, 2% from excise taxes, and 6% from other sources.
March 20, 2023
Federal Budget and Economy: Virtual EventMarch 16, 2023
15.4 million tax returns claimed the itemized deduction for state and local taxes paid in 2020. Among those with incomes over $1 million, 72% claimed the SALT deduction, compared with 2% of those with incomes below $50,000.
March 13, 2023