Balanced budget requirements (BBRs) are constitutional or statutory rules that generally prohibit states from spending more than they collect in revenue in a fiscal year. However, these state rules ...

The 2017 Tax Cuts and Jobs Act increased the standard deduction, eliminated personal exemptions, doubled the maximum child tax credit (CTC) from $1,000 to $2,000 per child under age 17, and added a ...

Several provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) affecting individual income taxes are set to expire after 2025. Key among these expiring provisions are changes to the child tax credit ...

Tax expenditures make up a substantial part of the federal budget. Some of them are larger than the entire budgets of the programs or departments that spend money for the same or related purposes. For ...

Federal excise tax revenues—collected mostly from sales of motor fuel, airline tickets, tobacco, alcohol, and health-related goods and services—totaled nearly $90 billion in 2022, or 1.8 percent of ...

Tax Policy Center (TPC) uses a broad measure of pre-tax income, which we call “expanded cash income” or ECI, to analyze the distribution of federal taxes. The purpose of an income classifier is to ...

The Tax Cuts and Jobs Act nearly doubled the standard deduction and eliminated or restricted many itemized deductions in 2018 through 2025. It also eliminated the “Pease” limitation on itemized ...

The Tax Cuts and Jobs Act made significant changes to individual income taxes and the estate tax. Almost all these provisions expire after 2025. The Tax Cuts and Jobs Act (TCJA) made substantial ...

Mandatory spending covers outlays controlled by laws other than appropriations acts. Almost all such spending is for “entitlements,” for which expenditures depend on individual eligibility and ...

The Affordable Care Act made several changes to the tax code intended to increase health insurance coverage, reduce health care costs, and finance health care reform. The Affordable Care Act (ACA) ...

The difference is whether heirs who sell an inherited asset will pay tax on the capital gains from the time the asset was originally purchased or from the time it was inherited. The difference in tax ...

Although prohibited under federal law, 21 states allow and levy some type of excise tax on recreational cannabis purchases. But different states use different taxes—percentage-of-price taxes, ...