The five states with no general sales tax (Alaska, Delaware, Montana, New Hampshire and Oregon) rely on a variety of revenue sources to fund their spending programs. Alaska gets a full 82 percent of its revenue from severance taxes on natural resources, while two-thirds of Oregon’s revenue comes from individual income taxes, the most of any state. read more...
Faced with a New Year’s deadline, Congress and the White House reached an last-minute agreement to avert the impending tax hikes and spending cuts collectively known as the fiscal cliff. The Congressional Budget Office estimates that extending the tax cuts without limiting spending will add $4 trillion to the deficit over the next decade, as outlined above. read more...
Tax cuts originally enacted in 2001, 2003, 2009 and 2010 are all set to expire on Jan. 1, at the same time that new taxes enacted in the health care law of 2010 take effect. If Congress does not act to avert any of these scheduled changes, the nonpartisan Tax Policy Center estimates that households in the middle income quintile, making between about $40,000 and $65,000, would see their federal taxes increase by nearly $2,000 in 2013. read more...
Fifty years ago, there were 24 different tax brackets, with the top rate of 91 percent applying to taxable income over $400,000 for joint filers (that would be $3 million in today’s dollars). Mouse over the graph for more detail on the structure of brackets by tax year. read more...
Under current law, a wide range of temporary tax and spending provisions are set to expire at the end of 2012, cutting the yearly budget deficit almost in half and as a result imposing considerable fiscal policy restraint on the U.S. economy. A recent report by the Congressional Budget Office suggests that the short-term economic consequences of letting that happen might be severe. read more...
On May 21, the House approved allocations, known as 302(b)s, for fiscal 2014 appropriations. The Democratic…
As of 2010, just over 40 million people living in the United States were born in…
The Senate approved a cloture motion Thursday night on an internet sales tax bill by a…
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