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The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy.
A key assessment of poverty in America is the Official Poverty Measure (OPM), which is calculated by the United States Census Bureau using a range of income and economic data.
The composition of federal revenues has been relatively constant since the mid-1970s.
The top 1 percent of taxpayers generate 26 percent of individual income tax revenues.
Revenue from corporate income taxes has been decreasing as a share of GDP
Following the 2017 tax reform, the federal statutory corporate tax rate in the United States is now more in line with many other OECD countries.
Corporate tax revenues are substantially lower than they were before the tax rate was reduced by the TCJA.
As more time passes since enactment, and as more data become available, economists continue to weigh in with analyses of the TCJA’s effects.
Here are eleven charts that tell America’s fiscal story for 2019 — and show how our outlook went from bad to worse over the last 12 months.