In most states, groceries are exempt from general sales taxes. And among the 12 states that tax it, only Alabama and Mississippi levy their full tax rate without a credit or rebate.
October 2, 2023
October 2, 2023
In 2021, state and local governments collected $22 billion in total from government-owned liquor stores and alcohol sales and license taxes, or $67 per capita. Among states, it ranged from CO's and MO's $10 to NH's $599 per capita.
September 25, 2023
September 25, 2023
Among active C-corporations in 2019, manufacturing businesses represented 4% of all tax returns filed but paid nearly 27% of total corporate income tax after credits.
September 18, 2023
September 18, 2023
Taxes provided less than 66% of state and local own-source revenue in 15 states in FY 2021. These states generally relied more on charges, such as tuition, public hospitals payments, and highway tolls.
September 11, 2023
September 11, 2023
Federal debt held by the public was 97% of GDP in 2021. It increased sharply after 2010 due to the great recession and then recovery efforts in response to the COVID-19 pandemic and is projected to increase to 107% of GDP in 2028.
September 4, 2023
September 4, 2023
In FY 2022, the federal government spent $1.3 trillion on Medicare ($747 billion) and Medicaid ($592 billion), together comprising 21% of total federal spending. Their share has grown from averaging 9% in the 1980s and 15% in the 1990s to 23% in the 2010s.
August 28, 2023
August 28, 2023
The federal government spent $1.2 trillion on Social Security in FY 2022, which comprised 19% of total federal spending. OMB estimates Social Security will be 23% of total federal spending by 2028.
August 21, 2023
August 21, 2023
For estate tax returns filed in 2021 (which cover deaths in prior years), over 80% of net tax revenue came from estates valued at over $20 million, while only 1% came from estates valued under $10 million.
August 14, 2023
August 14, 2023
The EITC primarily boosts the incomes of low-income working families with children. In 2020, nearly 80% of total EITC benefits went to tax filers with adjusted gross income under $30,000.
August 7, 2023
August 7, 2023
In the past 90 years, the top federal individual income tax rate has ranged from 7 percent to 94 percent. In 2023, the top rate is 37 percent.
July 31, 2023
July 31, 2023
In 2021, state and local governments collected $19.5 billion from tobacco taxes. In terms of revenue per capita, New Hampshire ($181), Rhode Island ($145), and Alaska ($138) collected the most.
July 24, 2023
July 24, 2023
In 2021, state and local governments spent $756 billion on elementary and secondary education. As a share of total state and local direct general expenditures, spending has ranged from 26% in 1977 to 21% in 2021.
July 17, 2023
July 17, 2023
In 2022, across the 38 OECD countries, the average statutory corporate tax rate was 23.6%. The United States had the14th highest rate at 25.8%.
July 10, 2023
July 10, 2023
Of the IRS's $14.3 billion budget in FY 2022, 38% went towards enforcement, 36% towards operations support, 23% towards taxpayer services, and 3% towards business systems modernization.
July 3, 2023
July 3, 2023
Federal excise tax revenues from tobacco products totaled $11.3 billion in 2022. As a share of total federal revenues, they have declined from averaging 2.4% in the 1950s to 0.3% in recent years.
