Economy
How do free trade agreements affect trade with the US?
Whether it's a new release of government data or news stories that need historic metrics for context, find articles that dive deep into the issues here. The Census Bureau, the Bureau of Labor Statistics, the Congressional Budget Office, and more: USAFacts is here to provide bias-free context and visuals to help Americans understand the numbers behind the news. USAFacts is always digging into data on employment in America, why people immigrate to the US, how much Congress is spending, and more, so check back often for new reports.
Tax bills in the US are lower now than in 1988 for all but the top 1% of income earners.
US debt outstanding was at $30.3 trillion at the start of April 2022.
SALT deductions are mostly claimed by those making $100,000 or more. How does the cap work?
Despite a few close calls, the US has never defaulted on its debt.
The American Rescue Plan temporarily increased the child tax credit per child and expanded eligibility for lower income families.
Taxes
The recent stimulus bill in response to COVID-19 covers an array of initiatives and focuses less on businesses than the 2020 CARES Act. USAFacts digs into the numbers behind the original version of the House bill passed on February 27, 2021, whose estimated outlays added up to $1.9 trillion. While the $1.9 trillion cost estimate may be revised due to subsequent amendments, many major outlays are expected to remain at similar levels.
The largest revenue drop was in the second quarter, as many states delayed income tax collection.
Here is a look at the increase in cases this fall, along with data on hospitalizations, job loss, and small business sentiment.
The 2020 deficit was nearly twice as large as the deficit in 2009, when the government enacted stimulus spending in response to the Great Recession.
State revenue was down 29% compared to the same quarter last year, indicating budget shortfalls and hard choices may be on the horizon.
