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 $6.8 trillion in 2021. 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 would the tax rate be under a broad-based income tax? Q.What would the tax rate be under a broad-based income tax? A.That depends on what exclusions, credits, and deductions are left in and whether revenue neutrality is a must. Read more about What would the tax rate be under a broad-based income tax?
Who bears the burden of federal excise taxes? Q.Who bears the burden of federal excise taxes? A.Workers, owners of capital, and households that consume a disproportionate amount of taxed items all bear the burden of federal excise taxes. Read more about Who bears the burden of federal excise taxes?