Fines, fees, and forfeitures are financial penalties imposed for violations of the law. State and local governments collected a combined $13 billion in revenue from fines, fees, and forfeitures in ...

Taxpayers who itemize deductions on their federal income tax returns can deduct state and local taxes--specifically property taxes plus either income taxes or general sales taxes. However, the Tax ...

Tax expenditures are special provisions of the tax code such as exclusions, deductions, deferrals, credits, and tax rates that benefit specific activities or groups of taxpayers. The Congressional ...

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 ...

Over 90 percent of individuals were covered in 2021, with higher coverage rates for those with higher incomes. In 2021, 49 percent of the U.S. population obtained health insurance coverage through ...

Various forms of state-sanctioned gambling, including lotteries, casinos, parimutuel wagering (e.g., horse racing), sports betting, and video games (e.g., video poker), are taxed. State and local ...

Pass-through businesses are not subject to an entity-level tax; instead, profits flow through to owners and are taxed under the individual income tax. Some pass-through income is eligible for a 20 ...

Tax expenditures for retirement savings are very large. They were over $300 billion in 2022 and will likely exceed $2 trillion over the 2022-2026 period. Tax expenditures are revenue losses ...

While any tax system with flat rates could be called a flat tax, the name is usually reserved for a system developed by Robert Hall and Alvin Rabushka in 1985. Their flat tax is really a two-part VAT: ...

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 ...

A "soda tax" is generally imposed as a per ounce excise tax on drinks sweetened with sugar. No state currently levies taxes on soda alone, but a few localities do. While often called soda taxes, these ...

Many preferences in the tax code phase out for high-income taxpayers—their value falls as income rises. Phaseouts target tax benefits to low- and middle-income households while limiting revenue costs, ...