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 ...

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 ...

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.

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 ...

Corporate Tax Revenues The United States raises less revenue from all corporate income taxes as a share of GDP than all other countries in the G7 and almost all other countries in the OECD (figure 2).

How much do soda tax rates differ? With the exception of the District of Columbia's special sales tax rate (8 percent, instead of its 6 percent general sales tax rate), all current soda taxes are ...

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 ...

Pass-through income is only subject to a single layer of income tax and is generally taxed as ordinary income up to the maximum 37 percent rate. However, certain pass-through income is eligible for a ...

The gap between the index for before-tax and after-tax incomes measures how much taxes reduce inequality. The bigger the difference, the more taxes equalize income. The gap narrowed during the 1980s ...

Revenues from fines, fees, and forfeitures in 2021 were lower than in preceding years ($15.5 billion in 2019 and $14.9 billion in 2020), in part due to the COVID-19 pandemic. In the last two decades, ...

People who filed tax returns for either 2007 or 2008 qualified for “recovery rebates.” In total, the rebates lowered the average filer’s federal tax burdens by about 5 percent in 2008 (reducing the ...