The Tax Cuts and Jobs Act cut taxes substantially from 2018 through 2025. The resulting deficits are adding $1 to $2 trillion to the federal debt, according to official estimates from before and ...

State and local governments collected a combined $4.1 trillion of general revenues in fiscal year 2021, from a mix of income taxes, sales taxes, property taxes, charges for specific government ...

Tax expenditures make up a substantial part of the federal budget. Some of them are larger than the entire budgets of the programs or departments that spend money for the same or related purposes. For ...

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The child tax credit provides a credit of up to $2,000 per child under age 17. If the credit exceeds taxes owed, families may receive up to $1,600 per child as a refund. Other dependents—including ...

A property tax is a tax levied on the value of "real property" (land and buildings, both residential and commercial) or personal property (business equipment, inventories, and noncommercial motor ...

The Tax Cuts and Jobs Act made significant changes to individual income taxes and the estate tax. Almost all these provisions expire after 2025. The Tax Cuts and Jobs Act (TCJA) made substantial ...

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 2017 Tax Cuts and Jobs Act discouraged charitable giving by reducing the number of taxpayers claiming a deduction for charitable giving and by reducing the tax saving for each dollar donated. The ...

Corporations and individual taxpayers who itemize can deduct charitable contributions to 501(c)(3) organizations. Many nonprofit institutions are exempt from paying federal income tax, but taxpayers ...

Tax credits are subtracted directly from a person’s tax liability; they therefore reduce taxes dollar for dollar. Credits have the same value for everyone who can claim their full value. Most tax ...

For 2021, the child tax credit provided a credit of up to $3,600 per child under age 6 and $3,000 per child from ages 6 to 17. If the credit exceeded taxes owed, families could receive the excess ...