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?
Do tax cuts pay for themselves? Q.Do tax cuts pay for themselves? A.At current tax rates, the direct revenue loss from cutting tax rates almost always exceeds the indirect gain from increased activity or reduced tax avoidance. Cutting tax rates can, however, partly pay for itself. How much depends on how people respond to tax changes. Read more about Do tax cuts pay for themselves?
What is a broad-based income tax? Q.What is a broad-based income tax? A.One that minimizes tax preferences with the goal of increasing revenue at a given rate of taxation. Read more about What is a broad-based income tax?
