US Tax Revenue by Tax Type: Sources of US Government Revenue
Different taxes have different economic effects, so policymakers should always consider how tax revenue is raised and not just how much is raised.| Tax Foundation
Different taxes have different economic effects, so policymakers should always consider how tax revenue is raised and not just how much is raised.| Tax Foundation
A gross receipts tax is applied to a company’s gross sales, without deductions for a firm’s business expenses, like costs of goods sold and compensation. Unlike a sales tax, a gross receipts tax is assessed on businesses and apply to business-to-business transactions in addition to final consumer purchases, leading to tax pyramiding.| Tax Foundation
Lawmakers can constrain the growth of property taxes without creating new problems. But the details matter.| Tax Foundation
Excise taxes are taxes imposed on a specific good or activity. They are commonly levied on cigarettes, alcoholic beverages, soda, gasoline, insurance premiums, amusement activities, and betting, and make up a relatively small and volatile portion of state and local tax collections.| Tax Foundation
A Value-Added Tax (VAT) is a consumption tax assessed on the value added in each production stage of a good or service. Every business along the value chain receives a tax credit for the VAT already paid. The end consumer does not, making it a tax on final consumption.| Tax Foundation
A tax deduction is a provision that reduces taxable income. A standard deduction is a single deduction at a fixed amount. Itemized deductions are popular among higher-income taxpayers who often have significant deductible expenses, such as state/local taxes paid, mortgage interest, and charitable contributions.| Tax Foundation
A tariff is a tax imposed by one country on goods or services imported from another country. Tariffs are trade barriers that raise prices and reduce available quantities of goods and services for U.S. businesses and consumers.| Tax Foundation
A sales tax is levied on retail sales of goods and services and, ideally, should apply to all final consumption with few exemptions.| Tax Foundation
A tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities.| Tax Foundation
An individual income tax (or personal income tax) is levied on the wages, salaries, investments, or other forms of income an individual or household earns.| Tax Foundation
Tax pyramiding occurs when the same final good or service is taxed multiple times along the production process. This yields vastly different effective tax rates depending on the length of the supply chain and disproportionately harms low-margin firms. Gross receipts taxes are a prime example of tax pyramiding in action.| Tax Foundation
A progressive tax is one where the average tax burden increases with income. High-income families pay a disproportionate share of the tax burden, while low- and middle-income taxpayers shoulder a relatively small tax burden.| Tax Foundation
Explore Texas tax data, including tax rates, collections, burdens, and more.| Tax Foundation
S&P CoreLogic Case-Shiller U.S. National Home Price Index| fred.stlouisfed.org
Statistics on revenue, expenditure, debt, and assets (cash and security holdings) for governments.| Census.gov
Average Sales Price of Houses Sold for the United States| fred.stlouisfed.org
