Unemployment insurance assists workers who become involuntarily unemployed and meet specified eligibility requirements. Unemployment insurance programs are run as federal-state partnerships financed ...

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 ...

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 ...

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 ...

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, ...

The individual income tax (or personal income tax) is a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year, generally imposed by the state in ...

The federal government spent nearly $1.5 trillion on health care in fiscal year 2022. In addition, income tax expenditures for health care totaled $300 billion. The federal government spent nearly ...

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 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 ...

The Tax Cuts and Jobs Act repatriation tax is a one-time tax on past profits of US corporations’ foreign subsidiaries. Before the 2017 Tax Cuts and Jobs Act (TCJA), the United States generally taxed ...

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 ...