This report presents updated figures in 2021 dollars for the lifetime benefits earned and the lifetime taxes paid by hypothetical workers participating in Social Security and Medicare. For a single male earning average wages every year and retiring in 2020 at age 65, lifetime Social Security and
As Congress struggles to develop a scaled back version of President Biden’s Build Back Better (BBB) plan, some observers (including my TPC colleague Howard Gleckman...
28 states and DC have state-level earned income tax credits. In tax year 2022, state refundable credits range from 3% of the federal EITC in Montana to 70% in DC.
Amounts of realized capital gains, taxes paid, average effective tax rates, and maximum tax rate on long-term capital gains, for tax years 1954 to 2014. Data unavailable for recent years.
IRS Commissioner Charles Rettig raised some eyebrows when he singled out the growing popularity of cryptocurrency as a big factor behind the sizeable tax gap—the...
