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Summary of the Latest Federal Income Tax Data, 2020 Update

The latest IRS data shows that the U.S. individual income tax continues to be very progressive, borne primarily by the highest income earners. The top 1 percent of taxpayers pay a 26.8 percent average individual income tax rate, which is more than six times higher than taxpayers in the bottom 50 percent (4.0 percent).

6 min read
OECD tax revenues 2021 sources of government revenue in the oecd, 2019, government tax revenue corporate tax revenue corporate tax revenues
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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
2020 State Individual Income Tax Rates and Brackets, 2020 state individual income taxes, 2020 state income tax rates, 2020 state income tax
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State Individual Income Tax Rates and Brackets, 2020

Individual income taxes are a major source of state government revenue, accounting for 37 percent of state tax collections in fiscal year (FY) 2017. Several states had notable individual income tax changes in 2020: Arizona, Arkansas, Massachusetts, Michigan, Minnesota, North Carolina, Ohio, Tennessee, Virginia, and Wisconsin.

9 min read
State Corporate Income Tax Rates and Brackets for 2019, state corporate tax rates 2020
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State Corporate Income Tax Rates and Brackets, 2020

Forty-four states currently levy a corporate income tax. Rates range from 2.5 percent in North Carolina to 12 percent in Iowa. Over the past year, several states, including Florida, Georgia, Indiana, Mississippi, Missouri, and New Jersey, implemented notable corporate income tax changes.

7 min read
2020 State and Local Sales Tax Rates, 2020 state sales tax rates, 2020 local sales tax rates
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State and Local Sales Tax Rates, 2020

While many factors influence business location and investment decisions, sales taxes are something within lawmakers’ control that can have immediate impacts.

12 min read