Federal payroll tax revenues were equivalent to 5.9% of GDP in 2022. After rising steadily for decades because of tax rate increases and base broadening, revenues leveled off in the 1990s, averaging 6.1% of GDP since then.
May 29, 2023
Tax law changes since 2017 have largely reduced the uptake of the itemized deduction for medical expenses. In 2020, 2.4% of total tax returns claimed the deduction compared to 6.7% in 2017.
May 22, 2023