The Current Federal Deficit and Debt
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the latest data for Fiscal Year 2024, charted out monthly and on a year-over-year basis.
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Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the latest data for Fiscal Year 2024, charted out monthly and on a year-over-year basis.
As a share of GDP, the U.S. corporate income tax revenue is the lowest among G7 countries.
The top 1 percent of taxpayers generate 30 percent of individual income tax revenues.
As the coronavirus (COVID-19) pandemic took hold, economic activity slowed and tax revenues in most states began to decline.
https://www.pgpf.org/blog/2020/12/state-tax-revenues-took-a-hit-in-the-wake-of-the-pandemic
With the national debt at $26 trillion and counting, the nation’s fiscal health is a key issue for the 2020 campaign.
The earned income tax credit (EITC) is a measure administered through the tax code to address poverty.
https://www.pgpf.org/budget-basics/what-is-the-earned-income-tax-credit
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
To help better inform the current debate over tax reform, the Tax Policy Center (with a grant from the Peterson Foundation) put real numbers behind different scenarios for tax reform that are both distributionally neutral and fiscally responsible.
Compared to historical trends and other advanced economies, corporate tax revenues in the United States are low.
Coronavirus relief legislation is expected to increase federal deficits by $2.4 trillion over the next decade.