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On December 27, 2020, the federal government enacted a relief package that included a second round of Economic Impact Payments (often referred to as “stimulus payments”) to Americans.
https://www.pgpf.org/blog/2021/01/what-to-know-about-the-second-coronavirus-stimulus-checks
As the coronavirus (COVID-19) pandemic took hold, economic activity slowed and tax revenues in most states began to decline.
https://www.pgpf.org/blog/2020/12/state-tax-revenues-took-a-hit-in-the-wake-of-the-pandemic
With less than a week to go before Election Day, the Financial Times and the Peter G. Peterson Foundation have wrapped up a year-long initiative to track voter sentiment on economic and fiscal issues for the twelve months leading up to the 2020 election.
Tax breaks totaled nearly $1.5 trillion in 2019. To put that in perspective, that’s more than the government spends on Social Security, defense, or Medicare.
https://www.pgpf.org/blog/2020/08/eight-of-the-largest-tax-breaks-explained
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.
Overall, coronavirus relief legislation is expected to widen the gap between federal outlays and revenues — increasing federal deficits by $2.4 trillion over the next decade.
The federal government finances its operations with taxes, fees, and other receipts collected from many different sectors of the economy. The largest sources of revenues are individual income taxes and payroll taxes.
https://www.pgpf.org/blog/2020/07/how-does-the-tax-system-work
Compared to historical trends and other advanced economies, corporate tax revenues in the United States are at very low levels.
A number of current and former candidates have suggested adding new sources of revenue through various types of taxation of wealth.
https://www.pgpf.org/blog/2020/03/five-approaches-to-taxing-wealth-in-the-united-states
Some lawmakers favor substantial increases to marginal tax rates. Let’s look at how marginal tax rates and brackets work.