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 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 ...

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 ...

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 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 ...

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 ...

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, ...

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For 2021, the child tax credit provided a credit of up to $3,600 per child under age 6 and $3,000 per child from ages 6 to 17. If the credit exceeded taxes owed, families could receive the excess ...

The tax expenditure budget displays the estimated revenue losses from special exclusions, exemptions, deductions, credits, deferrals, and preferential tax rates in federal income tax law. Every year, ...

How do Opportunity Zones Work? The 2017 Tax Cuts and Jobs Act created the Opportunity Zones program—meant to spur investment in undercapitalized communities. The program provided three tax benefits ...

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 ...