What Is the Difference Between the Statutory and Effective Tax Rate?
The statutory tax rate is the percentage imposed by law. The effective tax rate is the percentage of income actually paid.
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The statutory tax rate is the percentage imposed by law. The effective tax rate is the percentage of income actually paid.
The possibility of raising the corporate tax rate has spurred a debate among economists and policymakers about the optimal corporate income tax rate to balance revenue generation and U.S. competitiveness.
https://www.pgpf.org/blog/2021/10/should-the-corporate-income-tax-rate-be-raised
The paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.
Why Reform Our Corporate Tax Code?
https://www.pgpf.org/budget-basics/why-reform-our-corporate-tax-code
The Tax Cuts and Jobs Act will lower revenues significantly and made changes to both tax rates and bracket widths.
https://www.pgpf.org/blog/2018/03/how-tax-cuts-are-affecting-revenues-and-rates
While nearly all Americans pay taxes, the composition of the type of taxes paid is very different for taxpayers at various points in the income distribution.
https://www.pgpf.org/blog/2020/07/how-does-the-tax-system-work
The Peter G. Peterson Foundation today launched a multi-platform online awareness campaign spotlighting the federal government's $56.4 trillion in financial obligations and unfunded promises.
https://www.pgpf.org/press-release/peterson-foundation-launches-tax-day-awareness-campaign
The Co-Chairs of the President’s National Commission on Fiscal Responsibility and Reform, Erskine Bowles and Alan Simpson, released a draft of their recommendations for deficit reduction and debt stabilization.
https://www.pgpf.org/press-release/national-commission-on-fiscal-responsibility-and-reform
Major tax expenditures tend to benefit high income taxpayers more than lower income groups.
https://www.pgpf.org/blog/2016/04/who-benefits-from-tax-expenditures
The percentage of income that Americans pay in taxes can vary widely and depend on many factors.