
Composition of Revenues 1981 - 2031
Most federal revenues come from individual income and payroll taxes
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Most federal revenues come from individual income and payroll taxes
As a share of GDP, the U.S. corporate income tax revenue is the lowest among G7 countries.
Setting a higher minimum wage would affect family incomes in a variety of ways, including increasing earnings for most low-wage workers and lifting some families out of poverty.
Unlike during other recessions, revenues from the capital gains tax have remained relatively steady throughout the COVID-19 pandemic.
https://www.pgpf.org/chart-archive/0317_capital_gains_revenues
Defense spending is projected to stay below its historical share of GDP.
SNAP spending sharply increased in response to the COVID-19 pandemic, but is projected to decline below historical levels over the next decade.
“This new report provides the latest evidence that our fiscal condition has worsened significantly since the pandemic began, and will need to be addressed once we’re through the COVID crisis,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
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 lawmakers continue to explore policies to help the nation recover from the economic damage caused by the pandemic, a key part of the discussion is how stimulus checks should be structured and targeted for maximum effectiveness. Looking at recent spending and saving trends offers some clues.
https://www.pgpf.org/blog/2021/02/should-stimulus-checks-go-to-higher-income-americans