Taxes articles

Read these reports to understand the financial forces that affect daily American life. Discover how exports and imports impact US taxes and debt, plus learn about inflation and other economic indicators.

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Economy
Which states have the highest and lowest rates of homelessness?

New York, Vermont, and Oregon have the highest rates of homelessness across the 50 states.

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Economy
How much money does the government collect per person?

Individual income taxes accounted for more than half of total revenues for the federal government in 2022.

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Economy
How did the Inflation Reduction Act of 2022 change corporate taxes?

The Joint Committee on Taxation estimated that about 150 corporations would be subject to a new minimum corporate tax each year.

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Economy
What are capital gains? How are they taxed?

About two-thirds of individual capital gains subject to tax are from selling corporate stock; the remainder is from property sales.

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Economy
How will the Inflation Reduction Act change the IRS?

The Inflation Reduction Act would double the number of employees and expand the auditing capacity of the IRS.

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Economy
How have federal income and payroll tax bills changed for US families in the last 30 years?

Tax bills in the US are lower now than in 1988 for all but the top 1% of income earners.

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Economy
The state and local tax deduction cap: explained

SALT deductions are mostly claimed by those making $100,000 or more. How does the cap work?

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Economy
How did the child tax credit change over time?

The American Rescue Plan temporarily increased the child tax credit per child and expanded eligibility for lower income families. Now the credit is back to pre-pandemic levels.

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Economy
State government tax collections dropped in second quarter of 2020

State revenue was down 29% compared to the same quarter last year, indicating budget shortfalls and hard choices may be on the horizon.

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Economy
How much does the average American family pay in taxes?

Combining direct and indirect taxes, as well as taxes from state and local government, the average American family paid $17,902 in taxes in 2021.

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