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 ...

Tax expenditures make up a substantial part of the federal budget. Some of them are larger than the entire budgets of the programs or departments that spend money for the same or related purposes. For ...

State and local governments collected a combined $4.1 trillion of general revenues in fiscal year 2021, from a mix of income taxes, sales taxes, property taxes, charges for specific government ...

The Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT) estimate the budgetary effects of tax, spending, and regulatory legislation. The resulting “scores” play a major role in ...

TPC estimates that just over 7,100 estate tax returns will be filed for people who die in 2023, of which only about 4,000 will be taxable—less than 0.2 percent of the 2.8 million people expected to ...

The standard deduction reduces a taxpayer’s taxable income. It ensures that only households with income above certain thresholds will owe any income tax. Taxpayers can claim a standard deduction when ...

Workers, owners of capital, and households that consume a disproportionate amount of taxed items all bear the burden of federal excise taxes. Excise taxes create a wedge between the price the final ...

The child tax credit provides a credit of up to $2,000 per child under age 17. If the credit exceeds taxes owed, families may receive up to $1,600 per child as a refund. Other dependents—including ...

At current tax rates, the direct revenue loss from cutting tax rates almost always exceeds the indirect gain from increased activity or reduced tax avoidance. Cutting tax rates can, however, partly ...

The exclusion lowers the after-tax cost of health insurance for most Americans. Employer-paid premiums for health insurance are exempt from federal income and payroll taxes. Additionally, the portion ...

A small number of colleges and universities in the United States have accumulated significant wealth in the form of endowments. Because these institutions are public and private nonprofit charitable ...

Corporations and individual taxpayers who itemize can deduct charitable contributions to 501(c)(3) organizations. Many nonprofit institutions are exempt from paying federal income tax, but taxpayers ...