Inflation Reduction Act, Congress boosted the Internal Revenue Service’s funding by nearly $80 billion over a ten-year span ...

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 Tax Cuts and Jobs Act made significant changes to individual income taxes and the estate tax. Almost all these provisions expire after 2025. The Tax Cuts and Jobs Act (TCJA) made substantial ...

A "soda tax" is generally imposed as a per ounce excise tax on drinks sweetened with sugar. No state currently levies taxes on soda alone, but a few localities do. While often called soda taxes, these ...

Total US tax revenue equaled 27 percent of gross domestic product, well below the 34 percent weighted average for the other 37 OECD countries. US taxes are low relative to those in other high-income ...

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 ...

Extending the TCJA would lower federal revenues by $4.4 trillion through fiscal year 2035: $3.5 trillion from individual and estate tax provisions and $860 billion from certain business tax provisions ...

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 ...

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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 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 ...

The US corporate income tax rate is now lower than the top rate in all other leading economies except for the United Kingdom. Corporate income tax revenues in the United States as a share of gross ...