Most US businesses, including sole proprietorships, partnerships, and certain eligible corporations, do not pay federal or state corporate income taxes. Instead, their owners must include...
While often called soda taxes, these sugar sweetened beverage taxes also apply to iced teas, fruit drinks, sports drinks, and most other drinks with added...
Income earned by C-corporations (named after the relevant subchapter of the Internal Revenue Code) is subject to the corporate income tax at a 21 percent...
The state and local tax (SALT) deduction previously was one of the largest federal tax expenditures, with an estimated revenue cost of $100.9 billion in...
The federal government directly transferred $988 billion to state governments and $133 billion to local governments in 2021. These funds accounted for 18 percent of...
Background Most TELs emerged during the “tax revolt” of the late 1970s or the economic recession of the early 1990s. Although many of the best-known...
According to the National Association of State Budget Officers (NASBO), all states except for Vermont have some stipulations to balance their operating budgets—but prohibitions and...
The federal government spent nearly $1.5 trillion on health care in fiscal year 2022 (table 1). Of that, Medicare claimed $747 billion, Medicaid and the...
The 2017 Tax Cuts and Jobs Act (TCJA), included provisions that significantly reduced the impact of the alternative minimum tax (AMT). The TCJA enacted a...
These taxes constitute only a small percentage of state and local general revenue nationally, but can account for a substantial revenues in a few, natural...
Although prohibited under federal law, 20 states allow and levy some type of excise tax on recreational cannabis purchases. But different states use different taxes—percentage-of-price...
State and local governments issue bonds to pay for large, expensive, and long-lived capital projects, such as roads, bridges, airports, schools, hospitals, water treatment facilities,...