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Sources of Personal Income, Tax Year 2017
Reviewing the sources of personal income shows that the personal income tax is largely a tax on labor, primarily because our personal income is mostly derived from labor. However, varied sources of capital income also play a role in American incomes.
9 min read
State Forecasts Indicate $121 Billion 2-Year Tax Revenue Losses Compared to FY 2019
Revised state revenue forecasts show a significant decline in projected revenues for both the recently concluded FY 2020 and current FY 2021, though the picture they paint is considerably less dire than many feared a few months ago.
13 min read
Taxes: The Price We Pay for Government
Have you ever wondered where the money comes from to build roads, maintain a national defense, or pay for programs like Social Security? Taxes.
Can States Close Budget Deficits with Excise Tax Hikes?
We examine whether excise taxes are a solution to budget deficits, and while the short answer to that question is no, there are of course nuances. Excise taxes can play a role in state revenues even as policymakers appreciate that excise taxes are not viable long-term revenue tools for general spending priorities.
21 min read
New OECD Study: Consumption Tax Revenues during Economic Downturns
Compared to other tax revenue sources, consumption tax revenue as a share of GDP tends to be relatively stable over time, even during economic downturns.
2 min read
Sources of Government Revenue in the OECD, 2020 Update
OECD countries have on average become more reliant on consumption taxes and less reliant on individual income taxes. These policy changes matter, considering that consumption-based taxes raise revenue with less economic damage and distortionary effects than taxes on income.
13 min read
Sources of Government Revenue in the OECD, 2019 Update
OECD countries have on average become more reliant on consumption taxes and less reliant on individual income taxes. These policy changes matter, considering that consumption-based taxes raise revenue with less economic damage and distortionary effects than taxes on income.
10 min read
Tax Freedom Day 2019 is April 16th
Tax Freedom Day represents how long Americans as a whole have to work in order to pay the nation’s tax burden. In 2019, Americans will pay $3.4 trillion in federal taxes and $1.8 trillion in state and local taxes, for a total bill of over $5.2 trillion, or 29 percent of the nation’s income.
5 min read
Tax Freedom Day 2018 is April 19th
Tax Freedom Day is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. In 2018, Tax Freedom Day falls on April 19th, 109 days into the year.
5 min read
Sources of Personal Income, Tax Year 2015
Taxpayers reported $10.4 trillion of total income on their 2015 tax returns. This report breaks down the sources of this income: wages and salaries, business income, investment income, and retirement income.
9 min read
Unpacking the State and Local Tax Toolkit: Sources of State and Local Tax Collections
There are a number of sources of state and local tax collections each with important implications for revenue stability and economic growth. Which taxes does your state and/or locality rely on most?
22 min read
Tax Freedom Day 2017 is April 23rd
Tax Freedom Day® is the day when the nation as a whole has earned enough money to pay its total tax bill for the year. This year, Tax Freedom Day falls on April 23rd, 113 days into the year.
3 min read