What is the breakdown of revenues among federal, state, and local governments? Q.What is the breakdown of revenues among federal, state, and local governments? A.Federal, state, and local government receipts totaled $5.4 trillion in 2018. Federal receipts were 64 percent of the total, while state and local receipts (excluding intergovernmental transfers) were 21 percent and 15 percent, respectively. Read more about What is the breakdown of revenues among federal, state, and local governments?
What are tax extenders? Q.What are tax extenders? A.Several dozen tax breaks are authorized for only a limited number of years. When these temporary provisions are scheduled to expire, they become collectively known as the “tax extenders” because lawmakers likely will consider extending most or all of them. Recently these extensions have often been retroactive, taking place well after the provisions officially expired. The temporary-but-not-temporary character of these provisions complicates tax policy and budgeting. Read more about What are tax extenders?
What did the American Taxpayer Relief Act of 2012 do? Q.What did the American Taxpayer Relief Act of 2012 do? A.The American Taxpayer Relief Act of 2012 made permanent most of the income tax cuts enacted between 2001 and 2010 and extended other temporary tax provisions for between one and five years. Read more about What did the American Taxpayer Relief Act of 2012 do?
