In FY 2021, 40% of the IRS' personnel worked on examinations and collections, 34% on filing and account services, 9% on information services and business modernization, and 4% on investigations.
October 10, 2022
Shares of individual, corporate, and payroll tax receipts have been roughly stable over the past two decades. However, between 2020 and 2021 individual and corporate receipts increased as a share of total receipts (by 4% and 3% respectively) and payroll tax receipts declined by 5%.
October 3, 2022
Federal debt held by the public was $22.3 trillion in FY 2021, or 99.7% of GDP. Recovery efforts in response to the COVID-19 pandemic caused the recent spike, but the Congressional Budget Office projects debt-to-GDP will reach a record-high 110% by 2032.
September 26, 2022