State cigarette tax rates in 2021 range from Missouri's 17 cents per pack to DC's $4.50 per pack. The state tax rate is below $1 per pack in 13 states and above $3 per pack in 9 states and DC.
March 1, 2021
March 1, 2021
Nearly 40% of tax returns claiming the Child Tax Credit have incomes under $50,000, but their share of the total credit amount is under 20%, primarily due to the credit's work requirement and phase-in rules.
February 22, 2021
February 22, 2021
Underreporting of income to the IRS is highest for income sources that are subject to low information reporting and withholding requirements. This includes income from farms, sole proprietor businesses, rents, and royalties.
February 15, 2021
February 15, 2021
In 2019, the median net worth for those with college degrees was four times higher than for those with high school diplomas and nearly 15 times higher than for those without high school diplomas.
February 8, 2021
February 8, 2021
Only 1.6% of all individual income tax returns claimed a deduction for IRA contributions in 2018. Following the Economic Recovery Tax Act of 1981, this share exceeded 12%, until deductible IRAs were curtailed by the Tax Reform Act of 1986.
February 1, 2021
February 1, 2021
The federal minimum wage for covered employees has been $7.25 per hour since 2009. Comparatively, in the 1960s and 1970s, the minimum wage was considerably more when adjusted for inflation.
January 25, 2021
January 25, 2021
In 2019, 1.1% of tax returns claiming the EITC were audited, compared with 2.4% of high-income tax returns and 0.3% of all other individual income tax returns.
January 18, 2021
January 18, 2021
The tax code subsidizes health care consumption through credits, deductions, and exemptions, such as the exclusion for employer contributions to insurance plans. Before the pandemic, Treasury estimated these to total $286 billion in FY2020.
January 11, 2021
January 11, 2021
According to OECD calculations, the top statutory corporate income tax rate (including federal, state, and local levels) was 25.8% for the US in 2020. The US ranked 11th out of 36 OECD countries and sixth among the G7 countries.
January 4, 2021
January 4, 2021
Total tax revenue (including federal, state, and local taxes) as a share of GDP was 24.5% for the US in 2019. The US ranked 32nd out of 36 OECD countries, and below all other G7 countries.
December 28, 2020
December 28, 2020
The federal Earned Income Tax Credit (EITC) was claimed on 17% of total individual income tax returns for tax year 2018. The share ranged from 10% in New Hampshire to 30% in Mississippi.
December 21, 2020
December 21, 2020
After-tax income inequality has grown over time. Between 1979 and 2017, the share of aggregate after-tax income going to the top 1% of households grew from 7.4% to 13.5%. The shares for the bottom 90 percent of households declined.
December 14, 2020
December 14, 2020
The federal government spent $676 billion on national defense in FY 2019, or about 15% of total federal expenditures, compared to nearly 50% in the 1960s. Over time, a larger share of spending has been towards Social Security, Medicare, and Medicaid.
December 7, 2020
December 7, 2020
Income from capital gains made up about 8% of aggregate adjusted gross income (AGI) in 2018, but this varied by income level. For those with AGI over $10 million, capital gains accounted for nearly half of their income.
November 30, 2020
November 30, 2020
Overall, the share of US families with education loan debt went from 9% in 1989 to 21% in 2019. About 30% of Black families had education loan debt in 2019, compared with 20% of White families and 14% of Latino families.