Budget Basics: Tax Expenditures
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
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Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
The budgetary and economic effects of proposed tax legislation are a critical element of the debate.
https://www.pgpf.org/analysis/2017/12/tax-modeling-tax-reform-why-its-important
In 2017, Congress and the President enacted the Tax Cuts and Jobs Act (TCJA), which made significant changes to the tax code for individuals and corporations.
https://www.pgpf.org/blog/2024/03/the-next-fiscal-cliff-big-tax-decisions-to-make-in-2025
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
Viewed in aggregate, our tax system is generally progressive.
https://www.pgpf.org/blog/2016/04/what-kinds-of-taxes-do-americans-pay
Most working Americans are subject to payroll taxes, which are usually deducted automatically from an employee’s paycheck. Employers are also often subject to these types of taxes.
https://www.pgpf.org/budget-basics/budget-explainer-payroll-taxes
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.
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
Washington is debating tax reform. There’s talk of substantial tax cuts that would give trillions of dollars back to American taxpayers. That might sound great to some. But if Congress doesn’t find a way to pay for those tax cuts, future generations will be stuck with the bill.
Presently, revenues raised by the corporate income tax represent the third-largest category of federal tax revenue in the United States, trailing those generated from the individual income and payroll taxes.
https://www.pgpf.org/budget-basics/the-us-corporate-tax-system-explained