T25-0266 – Characteristics of Alternative Minimum Tax (AMT) Payers in 2024-26, and 2035 T04-0116 - Extend Expiring AMT Provisions and Index the AMT for Inflation: Static Revenue Impact ($ billions) ...

Taxpayers who itemize deductions on their federal income tax returns can deduct state and local taxes--specifically property taxes plus either income taxes or general sales taxes. However, the Tax ...

The Tax Cuts and Jobs Act (2017) nearly doubled the standard deduction and eliminated or restricted many itemized deductions in 2018 through 2025. It also eliminated the “Pease” limitation on itemized ...

The Tax Cut and Jobs Act made significant changes to the corporate income tax and taxes on pass-through businesses. While the individual income tax provisions and pass-through provisions expire after ...

The Tax Cuts and Jobs Act cut taxes substantially from 2018 through 2025. The resulting deficits are adding $1 to $2 trillion to the federal debt, according to official estimates from before and ...

The Medicare trust fund finances health services for beneficiaries of Medicare, a government insurance program for the elderly, the disabled, and people with qualifying health conditions specified by ...

A tariff is a tax on imported goods. Despite what the President says, it is almost always paid directly by the importer (usually a domestic firm), and never by the exporting country. Thus, if the US ...

Income inequality has increased sharply over the past 40 years. A simple way to measure inequality is by looking at the share of income received by the highest-income people. Using a broad measure ...

Social Security trust funds provide cash benefits for the elderly and disabled as well as for their spouses and dependents. They are funded chiefly through payroll taxes. There are two Social Security ...

Although prohibited under federal law, 21 states allow and levy some type of excise tax on recreational cannabis purchases. But different states use different taxes—percentage-of-price taxes, ...

The corporate income tax is levied on business profits of C-corporations (named after the relevant subchapter of the IRS code). State and local governments collected a combined $99 billion in revenue ...

Primarily through their impact on demand. Tax cuts boost demand by increasing disposable income and by encouraging businesses to hire and invest more. Tax increases do the reverse. These demand ...