Employer-paid premiums for health insurance are exempt from federal income and payroll taxes. Additionally, the portion of premiums paid by employees is typically excluded from...
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...
The Congressional Budget Office (CBO) has been making periodic long-run budget projections since the 1990s. Since then, policies have changed—as have economic and demographic assumptions...
The budget deficit has been on a roller coaster in recent years because of the Great Recession, the subsequent recovery, policy choices, and, most recently, the COVID-19 pandemic...
Local governments collected over $1.6 trillion of general revenue in 2016. Revenue from property, sales, and other taxes totaled $677 billion, or 41 percent of...
How much revenue do state and local governments raise from sales taxes? States rely on sales taxes more than local governments do. States collected $441...
Twenty-eight states and DC offered their own earned income tax credit (EITC) in 2018. This does not include Washington’s credit which, while a part of...
How much revenue do state and local governments raise from SEVERANCE taxes? State and local governments collected $8 billion from severance taxes in 2016. Nearly...
How much revenue do state and local governments raise from marijuana taxes? Although prohibited under federal law , marijuana sales are legal and taxed in...
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,...
Chenxi Lu is a research associate in the Urban-Brookings Tax Policy Center at the Urban Institute, where she works on the microsimulation model of the...
