Our tax system could be simple if its only purpose were to raise revenue. But it has other goals, including fairness, efficiency, and enforceability. And Congress has used the tax system to influence ...

States rely heavily on gas taxes to pay for transportation construction and maintenance costs. In 2021, state motor fuel taxes generated about $50 billion in revenue. State and local motor fuel tax ...

State tax revenue trends in the third quarter of 2024 and for the first half of fiscal year 2025 reveal a complex and variable fiscal environment. While some tax streams showed gains, broader patterns ...

TPC estimates that extending expiring provisions of the TCJA would slightly boost GDP in the short term by about 0.4 percent, on average, from 2026 through 2034. But over time, these benefits would ...

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 ...

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 ...

Tax expenditures are special provisions of the tax code such as exclusions, deductions, deferrals, credits, and tax rates that benefit specific activities or groups of taxpayers. The Congressional ...

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 ...

T18-0146 - Aggregate AMT Projections and Recent History, 1970-2028 ...

Before the 2017 Tax Cuts and Jobs Act (TCJA), the individual alternative minimum tax (AMT) primarily affected well-off households, but not those with the very highest incomes. It was also more likely ...

For a “zero-rated good,” the government doesn’t tax its sale but allows credits for the value-added tax paid on inputs. If a good or business is “exempt,” the government doesn’t tax the sale of the ...

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 ...