A property tax is a tax levied on the value of "real property" (land and buildings, both residential and commercial) or personal property (business equipment, inventories, and noncommercial motor ...

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 ...

Federal excise tax revenues—collected mostly from sales of motor fuel, airline tickets, tobacco, alcohol, and health-related goods and services—totaled nearly $90 billion in 2022, or 1.8 percent of ...

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 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 ...

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 Tax Cuts and Jobs Act 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 United States imposes a tax on the profits of US resident corporations at a rate of 21 percent (reduced from 35 percent by the 2017 Tax Cuts and Jobs Act). The corporate income tax raised $424.7 ...

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 federal government distributes grants to states and localities for many purposes. Some grants are delivered directly to these governments, but others are “pass-through” grants that first go to ...

In 2022’s Inflation Reduction Act (IRA), Congress provided the IRS with additional funding of nearly $80 billion through 2031. Nine months later, however, Congress and the White House agreed to reduce ...

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 ...