Federal individual income tax liability as a share of adjusted gross income (AGI) increases as income rises. In tax year 2020, income tax liability was 13.6% of AGI for all tax filers, compared with 26% for tax filers in the top 1% of the income distribution.
May 15, 2023
The tax code subsidizes health care consumption through credits, deductions, and exemptions, such as the exclusion for employer contributions to insurance plans. In fiscal year 2023, Treasury estimated these provisions to total $276 billion.
May 8, 2023