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Transfers from programs like Medicaid, CHIP, and SNAP represent an increasing share of income for low to middle income groups.
Corporate tax revenues are substantially lower than they were before the tax rate was reduced by the TCJA.
Most federal revenues come from individual income and payroll taxes
Corporate and individual tax expenditures are large in comparison to annual taxes collected, as well as to the government’s major programs.
Revenue from corporate income taxes has largely decreased since 1950.
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.
Unlike during other recessions, revenues from the capital gains tax have remained relatively steady throughout the COVID-19 pandemic.
CBO projects that interest rates will remain low throughout the decade.
SNAP benefits supplement household incomes to help lift people out of poverty.