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As a share of GDP, the U.S. corporate income tax revenue is the lowest among G7 countries
Some lawmakers favor substantial increases to marginal tax rates. Let’s look at how marginal tax rates and brackets work.
Corporate and individual tax expenditures are large in comparison to annual taxes collected, as well as to the government’s major programs.
The federal government collects revenue from a variety of sources.
Six popular tax provisions accounted for a large majority of annual tax expenditures for individuals.
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.
Tax breaks totaled nearly $1.5 trillion in 2018. To put that in perspective, that’s more than the government spends on Social Security, Medicare, or defense.
The latest trustees reports make clear that Social Security and Medicare beneficiaries face substantial cuts in the near future unless policymakers take action to make these vital programs solvent.
The Social Security and Medicare Trustees released their annual reports, which show that these vital programs are on an unsustainable path.