Every year, the Office of Management and Budget (OMB) and the congressional Joint Committee on Taxation (JCT) publish lists of tax expenditures. These lists, sometimes called the Tax Expenditure ...

A capital gain occurs if a capital asset is sold or exchanged at a price higher than its “basis,” the original purchase cost plus the cost of improvements less depreciation. When a person inherits an ...

Corporate Tax Rate and Corporate Alternative Minimum Tax The Tax Cut and Jobs Act (TCJA) reduced the federal top corporate income tax rate from 35 percent to 21 percent, bringing the combined US ...

Per the IRS’ Taxpayer Advocate Service, over 2.5 million federal tax returns were filed by ITIN filers in 2019, with a total reported tax liability of nearly $6 billion. Additional estimates suggest ...

General sales taxes are taxes on goods and services purchased by consumers, and the tax is a calculated as a percentage of the listed retail cost and added to the final purchase price paid by the ...

A tariff is a tax on imported goods. Despite what the President says, it is almost always paid directly by the importer (usually a domestic firm), and never by the exporting country. Thus, if the US ...

Six OECD countries (Chile, Colombia, Costa Rica, Ireland, Mexico, and Türkiye) collected less tax revenue than the United States as a percentage of GDP. Taxes exceeded 40 percent of GDP in eight ...

TCJA changed the structure of several major itemized deductions. Under prior law, itemizers could claim deductions for all state and local property taxes and the greater of their state and local ...

Balanced budget requirements (BBRs) are constitutional or statutory rules that generally prohibit states from spending more than they collect in revenue in a fiscal year. However, these state rules ...

The 2017 Tax Cuts and Jobs Act (TCJA) imposed a new tax on a small group of private nonprofit colleges and universities. Institutions enrolling at least 500 students that have endowment assets ...

Corporate Tax Revenues The United States raises less revenue from all corporate income taxes as a share of GDP than all other countries in the G7 and almost all other countries in the OECD (figure 2).

BEPS 2, in contrast, would modify the fundamental rules for allocating multinational profits among countries. It consists of two main “pillars.” Pillar 1 would re-allocate part of the profits of the ...