Nothing is sure in life but death, taxes, and fighting over the IRS budget. The 2022 Inflation Reduction Act (IRA) boosted the IRS’s funding by nearly $80 billion over a decade, but Congress quickly, ...

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 ...

T17-0151 - Distribution of AMT and Regular Income Tax by Expanded Cash Income, Current Law, 2016 - 2018 ...

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 ...

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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, ...

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 ...

The federal government distributes grants to states and localities for many purposes. Some grants are delivered directly to these governments, but others are “pass-through” grants that first go to ...

Total US tax revenue equaled 27 percent of gross domestic product, well below the 34 percent weighted average for the other 37 OECD countries. US taxes are low relative to those in other high-income ...

Tax credits are subtracted directly from a person’s tax liability; they therefore reduce taxes dollar for dollar. Credits have the same value for everyone who can claim their full value. Most tax ...

A property tax is a tax levied on the value of "real property" (land and buildings, both residential and commercial) or personal property (business equipment, inventories, and noncommercial motor ...

T24-0040 - Tax Units with a Tax Increase or Tax Cut from Making Certain Individual Income, Payroll, and Estate Tax Provisions in 2017 Tax Act Permanent, by ECI Level, 2026 ...