Federal excise taxes raised $9.5 billion in FY 2023. Inflation-adjusted revenues have declined over time, largely because rising price levels have eroded the constant per-unit excise tax rates on alcohol.
June 24, 2024
June 24, 2024
While a substantial amount of education credit dollars go to middle and upper-middle income taxpayers, due largely to the refundable nature of the AOTC, the credit also provides benefits to low-income taxpayers.
June 17, 2024
June 17, 2024
According to the OECD, the top marginal income tax rate for wage income in the US (including federal, state, and local taxes) was 44% in 2022. The US ranked 20th of the 38 OECD countries and 6th among the G7 countries.
June 10, 2024
June 10, 2024
Among OECD countries in 2022, consumption tax revenue (federal, state, and local levels) as a share of total tax revenue ranged from 16% in the United States to 50% in Hungary.
June 3, 2024
June 3, 2024
Income from capital gains made up about 14% of aggregate adjusted gross income (AGI) in 2021, but this varied by income level. For those with AGI over $1 million, capital gains accounted for 42% of their income.
May 27, 2024
May 27, 2024
The state-level hourly minimum wage for most non-tipped employees is equal to the federal rate of $7.25 in 20 states. New York ($16), California ($16), Washington ($16.28), and the District of Columbia ($17) have the highest minimum wages, as of January 2024.
May 20, 2024
May 20, 2024
The IRS spent $16 billion in fiscal year 2023. Compared to spending in 2013, the IRS spent a greater share of its funds on taxpayer services and business systems modernization, and less towards enforcement.
May 13, 2024
May 13, 2024
Tax law changes since 2017 have largely reduced the uptake of the itemized deduction for medical expenses. In 2021, 2.3% of total tax returns claimed the deduction compared to 6.7% in 2017.
May 6, 2024
May 6, 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 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).
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.
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.
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 highways.
April 1, 2024
April 1, 2024
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
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.