After attempts to pass President Joe Biden’s Build Back Better agenda stalled in Congress, lawmakers in the latter part of 2022 enacted scaled-back legislation that increased taxes on large ...

A wealth tax is imposed on the value of some or all of a taxpayer’s assets, such as stocks, real estate, and businesses. At the federal level, the United States does not have a wealth tax, and many ...

Total US tax revenue equaled 27 percent of gross domestic product, well below the 34 percent weighted average for the other 37 OECD countries. US taxes are low relative to those in other high-income ...

With large pieces of the 2017 Tax Cuts and Jobs Act (TCJA) set to expire in 2025, taxes will be a top priority for the next presidential administration and Congress. Vice President Kamala Harris, the ...

Overall, yes. But that’s not the case for each tax. The overall federal tax system is progressive, with total federal tax burdens a larger percentage of income for higher-income households than for ...

This page provides more information about the methodologies TPC uses to analyze tariffs, including the rules engine and how TPC estimates the revenue and distributional effects of tariff policy. It ...

In 2025, Congress will decide whether to extend the temporary expansion of the child tax credit (CTC) enacted in 2017, along with other expiring individual income tax provisions. To inform the ongoing ...

The child tax credit (CTC) and the earned income tax credit (EITC) provide vital cash assistance to working families with children. The EITC also provides a small benefit to workers who are not ...

The debt limit—or the “debt ceiling”—is the legal maximum on how much debt the federal government can accumulate. The debt limit—or the “debt ceiling”—is the legal maximum on how much debt the federal ...