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After the TCJA’s changes, the SALT deduction is now claimed almost exclusively by high-income households. In 2020, only 3 percent of tax filers with adjusted gross income (AGI) between $20,000 and $50 ...
Since 1917, individual taxpayers have been able to deduct charitable contributions from income that might otherwise be taxed. Individuals may deduct cash and certain other contributions up to 60 ...
TCJA changed the structure of several major itemized deductions. Under prior law, itemizers could claim deductions for all state and local property taxes and the greater of their state and local ...
Balanced budget requirements (BBRs) are constitutional or statutory rules that generally prohibit states from spending more than they collect in revenue in a fiscal year. However, these state rules ...
Dynamic estimates JCT’s original dynamic score found that the TCJA would boost economic activity (not the annual rate of growth) by an average of about 0.7 percent over the budget window. That growth ...
General sales taxes are taxes on goods and services purchased by consumers, and the tax is a calculated as a percentage of the listed retail cost and added to the final purchase price paid by the ...
Every year, the Office of Management and Budget (OMB) and the congressional Joint Committee on Taxation (JCT) publish lists of tax expenditures. These lists, sometimes called the Tax Expenditure ...
Debt Service Interest on the national debt has fluctuated over the past half century along with the size of the debt and interest rates. It climbed from 6.4 percent of total outlays in 1962 to over 15 ...
The goal of IRA’s 10-year budget boost is to improve the IRS’s ability to administer the federal tax system efficiently, effectively, and fairly. The unique multiyear funding stream allows the IRS to ...
The Tax Cuts and Jobs Act (TCJA) made major changes that discourage charitable giving relative to prior tax law. It lowered individual income tax rates, thus reducing the value of all tax deductions.
These taxes are sometimes called corrective or "sin taxes" because, unlike a general sales tax, they are used in part to discourage the use of tobacco (or vaping products) because the choice to use it ...
The final 37 percent of state general revenue came from intergovernmental transfers. In 2021, 37 percent of state general revenue came from the federal government (e.g., the federal share of Medicaid ...