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Six popular tax provisions account for nearly 60 percent of annual tax expenditures.
The top 1% of taxpayers generate 42% of individual income tax revenue.
The Tax Cuts and Jobs Act will lower revenues significantly and made changes to both tax rates and bracket widths.
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.
“Today’s budget represents a dramatically worse outlook than what was released just last May," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
“After adding trillions to our national debt in last year’s irresponsible tax bill, our leaders are now adding another $300 billion in deficits over just the next two years," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
The government collects revenue from a variety of sources.
“In order to truly help our economy, infrastructure investments must be paid for, because adding more debt hurts our economy," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.