• There was a $2 Trillion deficit in FY 2023

    There was a $2 Trillion deficit in FY 2023

    The federal deficit this year is the biggest in U.S. history, excluding years when there were pandemics.
  • Did cutting taxes cause the deficit to grow?

    Did cutting taxes cause the deficit to grow?

    The current federal budget deficit and the accumulated debt result from Congress spending more than they are willing to raise in taxes.
  • Sources of personal income for the 2020 tax year

    Sources of personal income for the 2020 tax year

    The greatest source of money for the federal government is the individual income tax. For tax year 2020, the third one under the modifications introduced by the Tax Cuts and Jobs Act (TCJA), taxpayers submitted more than 164 million individual income tax returns.
  • American Families and Jobs Act specifics and analysis

    American Families and Jobs Act specifics and analysis

    The American Families and Jobs Act, a package of three new tax bills proposed by House Republicans, would, among other things, limit many recently enacted green energy tax credits, create a bonus standard deduction for individuals through 2025, and temporarily extend a number of business provisions from the Tax Cuts and Jobs Act (TCJA). These provisions include 100 percent expensing for equipment and research and development (R&D) investments through the end of 2025.