Federal tax law exempts credit unions from paying corporate income taxes. According to the Treasury, this exemption will cost $25 billion in forgone tax revenue between 2021 and 2030.
September 13, 2021
September 13, 2021
The minimum cash wage for most tipped employees is equal to the federal rate of $2.13 an hour in 16 states, higher than $2.13 but lower than their own state minimum wage in 27 states and DC, and equal to their state minimum wage in 7 states.
September 6, 2021
September 6, 2021
General charges, or payments for specific government services such as hospital fees, state university tuition, and parking meters, totaled $548 billion in 2018. Over time, these have grown from 14% of own-source state and local general revenue in 1978 to 21% in 2018.
August 30, 2021
August 30, 2021
Taxes on motor fuels are the biggest revenue source for the Highway Trust Fund, but those tax rates have not changed since 1993. In recent years, transfers from the General Fund have been necessary to support trust fund spending.
August 23, 2021
August 23, 2021
Individual income taxes comprised 17% of own-source state and local general revenue (excluding federal transfers) in 2018. This share was over 25% n CT, MA, MD, NY, and OR. Nine states do not have a broad-based individual income tax.
August 16, 2021
August 16, 2021
In 2019, the homeownership rate across all US households was 65%. For those with college degrees, the homeownership rate was 75%, compared to 51% for those with no high school diplomas.
August 9, 2021
August 9, 2021
In 2018, deductions for charitable contributions were 4.8% of AGI for taxpayers with AGI over $1 million, compared to 1.7% for all taxpayers. In part, this is because 77% of those taxpayers were itemizers, compared with 11% of all taxpayers.
August 2, 2021
August 2, 2021
The federal excise tax on gasoline is 18.4 cents per gallon, and has not increased since 1993, unlike most state tax rates. If the federal tax rate was adjusted for inflation since 1993, it would be 34 cents per gallon in 2021.
July 26, 2021
July 26, 2021
The IRS spent $12.3 billion in fiscal year 2020. 39% of its budget went towards enforcement activities, 36% on operations support, 22% on taxpayer services, and 2% on business systems modernization.
July 19, 2021
July 19, 2021
According to Treasury estimates, the six largest income tax expenditures will each cost over $100 billion in fiscal year 2021, and include stimulus payments and benefits for health care, retirement, housing, capital gains, and families with children.
July 12, 2021
July 12, 2021
In FY 2020, the IRS had around 75,800 full-time-equivalent employees. This workforce was larger than in 2018 and 2019, but still significantly smaller than what it was in the 1990s.
July 5, 2021
July 5, 2021
In 2020, the share of filers who check the box for the Presidential Election Campaign Fund on their tax returns was the lowest it has ever been, at 3.6 percent. Comparatively, in 1976, this share was about 28 percent.
June 28, 2021
June 28, 2021
Salaries and wages are the largest sources of income for most households. In 2018, they comprised 68% of total adjusted gross income across all individual income tax returns, but only 17% for those with incomes over $10 million.
June 21, 2021
June 21, 2021
In 2020, 47% of federal revenue came from individual income taxes and 38% from payroll taxes. Over time, the shares from corporate income taxes and excise taxes have declined.
June 14, 2021
June 14, 2021
State and local governments raised over $27 billion from net lottery revenue in 2018. Only Delaware, Rhode Island, and West Virginia raised over 2% of their general revenue from lotteries, while six states did not have any lotteries in 2018.
