What is the breakdown of tax revenues among federal, state, and local governments? Q.What is the breakdown of revenues among federal, state, and local governments? A.In 2015, federal revenue made up about 61 percent of the $5.7 trillion total, while states collected about 28 percent, and local governments brought in about 11 percent (figure 1). Read more about What is the breakdown of tax revenues among federal, state, and local governments?
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 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?
What are tax extenders? Q.What are tax extenders? A.Several dozen temporary tax breaks expired at the end of 2016 or are scheduled to expire at the end of 2017. They are collectively known as the “tax extenders” because lawmakers likely will consider extending most or all of them. The temporary-but-not-temporary character of these provisions complicates tax policy and budgeting. Read more about What are tax extenders?
