Consumption tax revenue (federal, state, and local levels) was 17% of total tax revenues for the US in 2020, compared to 27% for all other OECD countries combined. This is in part because the US does not have a broad-based national sales tax, or a VAT.
May 1, 2023
In 2020, 9.4 million income tax returns (or 6% of total) claimed the Retirement Savings Contributions Credit (or Saver's Credit). This nonrefundable tax credit, enacted in 2001, matches a portion of voluntary contributions to 401(k)s, IRAs, and similar retirement plans.
April 24, 2023