Federal excise taxes on tobacco are imposed on a cents per unit basis. Accordingly, real revenues tend to decline due to inflation unless tax rates are increased, as they were in 2009. In 2017, tobacco excise tax revenues totaled $13.8 billion.
January 7, 2019
Provisions in the Tax Cuts and Jobs Act of 2017 will reduce the tax benefit for the charitable contribution deduction for tax years 2018 through 2025. Despite these changes, the deduction is expected to cost $734 billion in forgone tax revenue over the next decade.
December 31, 2018
The Foreign Tax Credit is claimed on 5.2% of all individual income tax returns for certain taxes paid to a foreign country or U.S. possession. The share increases with income and 63% of those with AGI over $1,000,000 claim the credit.
December 24, 2018