Table shows the change in the distribution of federal taxes, by expanded cash income percentile in 2025, of repealing the $10 ...

IRS names new head of the Independent Office of Appeals. The agency selected Elizabeth Askey to serve in the role. She’ll set strategy and oversee operations of the office, which helps to resolve ...

Former President Trump’s proposal to repeal the $10,000 cap on the state and local tax (SALT) deduction would cut 2025 taxes by an average of more than $140,000 for the highest-income 0.1 percent of ...

With large pieces of the 2017 Tax Cuts and Jobs Act (TCJA) set to expire in 2025, taxes will be a top priority for ...

Provisions of the federal income tax that subsidize domestic production of fossil fuels include the expensing of exploration, development, and intangible drilling costs; the use of percentage ...

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, ...

Credits reduce taxes directly and do not depend on tax rates. Deductions reduce taxable income; their value thus depends on the taxpayer’s marginal tax rate, which rises with income. Tax credits are ...

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 ...

The IRS administers the federal tax laws that the Congress enacts. However, from 2010 through 2022, the IRS budget was cut by 24 percent, after accounting for inflation, leading to cutbacks in ...

The main tax benefit of owning a house is that the imputed rental income homeowners receive is not taxed. Although that income is not taxed, homeowners still may deduct mortgage interest and property ...

Social Security trust funds provide cash benefits for the elderly and disabled as well as for their spouses and dependents. They are funded chiefly through payroll taxes. There are two Social Security ...

Answers to common questions about TPC's tax simulation model, the estimates it generates, and the organization of tables in our database. The TPC microsimulation model’s primary data source is the ...