After attempts to pass President Joe Biden’s Build Back Better agenda stalled in Congress, lawmakers in the latter part of 2022 enacted scaled-back legislation that increased taxes on large ...

A wealth tax is imposed on the value of some or all of a taxpayer’s assets, such as stocks, real estate, and businesses. At the federal level, the United States does not have a wealth tax, and many ...

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 ...

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 ...

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 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 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 ...

Motor fuel taxes are taxes levied on gasoline, diesel, and gasohol (a mixture of ethanol and unleaded gasoline). State and local governments collected a combined $53 billion in revenue from motor fuel ...

In a new report, we examine four options for a tax credit to help offset families' burden from IEEPA tariffs.

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 ...

The federal government collected revenues of $4.9 trillion in 2022—equal to 19.6 percent of gross domestic product (GDP) (figure 2). Over the past 50 years, federal revenue has averaged 17.4 percent ...

Fines and fees can impose heavy burdens on those who come into contact with the criminal legal system. Using nationally representative data from the Urban Institute’s 2023 Well-Being and Basic Needs ...