Tax Policy Center

Fiscal Facts

E.g., 06/04/2024
E.g., 06/04/2024
Total current government spending, across all government levels, has exceeded revenues each year since 1930. As a share of GDP, the difference between current spending and revenues peaked at 23% in 2020 due to various COVID-19 pandemic economic relief mea
Total current government spending, across all government levels, has exceeded revenues each year since 1930. As a share of GDP, the difference between current spending and revenues peaked at 23% in 2020 due to various COVID-19 pandemic economic relief measures.

April 29, 2024

April 29, 2024
Federal excise tax revenues from tobacco products totaled $11.3 billion in 2022. In inflation-adjusted terms, tobacco excise tax revenues are lower than in 1940 ($12.8 billion).
Federal excise tax revenues from tobacco products totaled $11.3 billion in 2022. In inflation-adjusted terms, tobacco excise tax revenues are lower than in 1940 ($12.8 billion).

April 22, 2024

April 22, 2024
The IRS workforce has declined substantially over the past three decades. In FY 1993, the IRS had 434 employees per million U.S. residents, whereas it had 237 employees per million U.S. residents three decades later, in FY 2022.
The IRS workforce has declined substantially over the past three decades. In FY 1993, the IRS had 434 employees per million U.S. residents, whereas it had 237 employees per million U.S. residents three decades later, in FY 2022.

April 15, 2024

April 15, 2024
In FY 2022, federal estate and trust income tax collections totaled $85 billion, with half coming from Illinois, Texas, Florida, New York, California, and Nevada. Nevada's share of the total (6%) was six times its share of the national population.
In FY 2022, federal estate and trust income tax collections totaled $85 billion, with half coming from Illinois, Texas, Florida, New York, California, and Nevada. Nevada's share of the total (6%) was six times its share of the national population.

April 8, 2024

April 8, 2024
In 2021, about 13% of total state motor fuel tax revenue was allocated to mass transit. New York (84%), Connecticut (68%), and Maryland (61%) allocated the most of this revenue source to mass transit, while others mostly allocated it to state-administered
In 2021, about 13% of total state motor fuel tax revenue was allocated to mass transit. New York (84%), Connecticut (68%), and Maryland (61%) allocated the most of this revenue source to mass transit, while others mostly allocated it to state-administered highways.

April 1, 2024

April 1, 2024
Itemized returns, tax year 2021
Itemizing, as opposed to claiming the standard deduction, is more common among those with higher incomes. In 2021, 2% of taxpayers with incomes less than $50,000 itemized, compared with 69% of taxpayers with incomes over $1 million.

March 18, 2024

March 18, 2024
Sources of Local General Revenue, 1977-2021
The composition of local general revenue has been relatively stable over time. However, compared to 1977, the share of revenue from charges has increased while the shares from federal and state aid and the property tax have declined.

March 11, 2024

March 11, 2024
Foreign Tax Credit, 2021
The foreign tax credit prevents double-taxation of foreign-source income. In tax year 2021, only 7% of individual filers claimed the foreign tax credit, while 62% of taxpayers with adjusted gross income over $1 million claimed it.

March 4, 2024

March 4, 2024
Child and Dependent Care Tax Credit
The American Rescue Plan Act temporarily expanded the Child and Dependent Care Tax Credit (CDCTC) for 2021. The 6.2 million tax returns with CDCTC in 2021 claimed $2,100 each on average, compared with under $600 in prior years.

February 26, 2024

February 26, 2024
Income Tax Expenditures Community and Regional Development, FY 2023
Several income tax provisions subsidize the costs of community and regional development. For FY 2023, the largest provisions were Opportunity Zones ($2.1 billion) and New Markets Tax Credits ($1.2 billion), per Treasury's estimates.

February 19, 2024

February 19, 2024
Presidential Election Campaign Fund Checkoff, 1976-2023
By checking a box, tax filers can direct $3 to the Presidential Election Campaign fund at no cost to themselves. The share of tax filers checking the box has declined from 28 percent in 1976 to 3 percent in 2023.

February 12, 2024

February 12, 2024
Historical receipts as a percentage of GDP, 1934-2022
Federal corporate income taxes are paid by US resident C-corporations, and revenues comprised 2% of total GDP in FY 2022. In the last 90 years, revenues peaked at 7% of GDP in 1944 and 1945, during World War II.

February 5, 2024

February 5, 2024
EITC Participation, tax year 2020
The federal Earned Income Tax Credit lifts millions of people out of poverty each year. But not everyone eligible claims the credit: only 76% of total eligible taxpayers claimed the credit for tax year 2020, ranging from 68% in Oregon to 87% in West Virginia.

January 26, 2024

January 26, 2024
OECD per capita, 2022
Across OECD countries in 2022, GDP per capita ranged from $22,000 in Colombia to $146,000 in Luxembourg. The United States ranked sixth, with $76,000.

January 22, 2024

January 22, 2024
Elementary and Secondary Education Spending, 2021
In FY 2021, state and local governments spent a combined $756 billion on K-12 education, which was 21% of their total direct general expenditures. Connecticut and Georgia (each 27%) spent the largest share of their combined budgets, while Hawaii (13%) spent the smallest share.

January 15, 2024

January 15, 2024