FISCAL BLOG

Monthly Archive for March 2022

The benefits from tax breaks do not flow equally to households of different income levels.

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In an important acknowledgement of our nation’s unsustainable fiscal outlook, the President’s budget for fiscal year 2023 proposes to reduce deficits by $1 trillion over the next decade relative to current law.

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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 by an individual or a company after taking into account tax breaks.

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Today, the Federal Reserve announced an increase in the target for the federal funds rate, the interest rate at which commercial banks lend to each other overnight.

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The federal government has enacted legislation to provide relief from the COVID-19 pandemic, and the Treasury has ramped up borrowing to pay for it.

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The percentage of income that Americans pay in taxes can vary widely and depend on many factors.

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Currently, more Americans owe a greater average amount of student debt than at any time in U.S. history.

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