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Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
Most working Americans are subject to payroll taxes, which are usually deducted automatically from an employee’s paycheck. Employers are also often subject to these types of taxes.
The fairness of our federal tax system is a hotly debated issue. Too often, however, those debates confuse or misrepresent important facts because they focus on one type of tax in isolation rather than the various taxes that people face in aggregate.
Estate and gift taxes are levied on the transfer of assets. Two areas of the tax code that are relatively small in dollar terms, but can generate a significant amount of attention and even controversy in the broader conversation about wealth.
The earned income tax credit (EITC) is a measure administered through the tax code to address poverty. It was first enacted in 1975 on a temporary basis amid broader debates about welfare reform and had the primary goal of encouraging people to obtain employment.
The child tax credit (CTC) is a measure administered though the tax code that is designed to make raising children more affordable by easing the financial burden faced by families.
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 United States spent $631 billion on national defense during fiscal year (FY) 2018 according to the Office of Management and Budget, which amounts to 15 percent of the federal budget.
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.