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Learn about the federal tax deduction for state and local taxes, which was capped at $10,000 by the Tax Cuts and Jobs Act of 2017. Find out how the deduction works, who benefits from it, and how it affects federal revenue and spending.
Learn about the different types and levels of taxes imposed by the federal, state, and local governments in the U.S. Find out how taxes affect income, spending, and inequality in the country.
Tax withholding is a system where the payer of income deducts a portion of the income and pays it to the government on behalf of the recipient. Learn about different types of tax withholding, such as income tax, social insurance tax and international withholding, and see examples from various countries.
The ability of the government to tax and spend in specific regions has large implications to economic activity and performance. The main question behind this issue stems into three different approaches. First, federal spending should be neutral, meaning federal taxation should roughly equal expenditures.
Learn about the federal and state income tax systems in the U.S., including sources of law, basic concepts, rates, deductions, and credits. Find out how income is defined, taxed, and reported for individuals, corporations, and other entities.
This article shows the total federal tax revenue collected by the IRS from each state, district, and territory in fiscal years 2018 and 2019. California, New York, and Texas were the top three states in both years, while Wyoming, Vermont, and Alaska had the lowest revenue.
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