The tax expenditure budget displays the estimated revenue losses from special exclusions, exemptions, deductions, credits, deferrals, and preferential tax rates in federal income tax law. Every year, ...

The main tax benefit of owning a house is that the imputed rental income homeowners receive is not taxed. Although that income is not taxed, homeowners still may deduct mortgage interest and property ...

Provisions of the federal income tax that subsidize domestic production of fossil fuels include the expensing of exploration, development, and intangible drilling costs; the use of percentage ...

The burden is shared among stockholders, workers, and all investors. Shareholders bear most of the corporate income tax burden, but they aren’t the only ones. Over time, others bear some of the burden ...

Answers to common questions about TPC's tax simulation model, the estimates it generates, and the organization of tables in our database. The TPC microsimulation model’s primary data source is the ...

Social Security trust funds provide cash benefits for the elderly and disabled as well as for their spouses and dependents. They are funded chiefly through payroll taxes. There are two Social Security ...

The Highway Trust Fund finances most federal government spending for highways and mass transit. Revenues for the trust fund come from transportation-related excise taxes, primarily federal taxes on ...

Pass-through businesses are not subject to an entity-level tax; instead, profits flow through to owners and are taxed under the individual income tax. Some pass-through income is eligible for a 20 ...

Tax expenditures are special provisions of the tax code such as exclusions, deductions, deferrals, credits, and tax rates that benefit specific activities or groups of taxpayers. The Congressional ...

The individual income tax deduction for charitable giving provides a substantial incentive to give by reducing the taxpayer’s cost of donating. In 2023, charitable giving by individuals is estimated ...

The Tax Cuts and Jobs Act (TCJA) of 2017 made sweeping changes to individual and corporate taxation including cutting the corporate rate from 35 percent to 21 percent. Almost all the individual tax ...

A revenue-neutral national retail sales tax would be more regressive than the income tax it replaces. A national retail sales tax would create a wedge between the prices consumers pay and the amount ...