Across OECD countries in 2022, GDP per capita ranged from $22,000 in Colombia to $146,000 in Luxembourg. The United States ranked sixth, with $76,000.
January 22, 2024
January 22, 2024
In FY 2021, state and local governments spent a combined $756 billion on K-12 education, which was 21% of their total direct general expenditures. Connecticut and Georgia (each 27%) spent the largest share of their combined budgets, while Hawaii (13%) spent the smallest share.
January 15, 2024
January 15, 2024
In FY 2021, state and local governments spent a combined $135 billion on police, which was 3.7% of total direct general expenditures. Nevada (5.6%) and Florida (5.5%) spent the largest share of their combined budgets, while Wyoming (2.2%) spent the smallest share.
January 8, 2024
January 8, 2024
State and local governments generally levy different taxes. In FY 2021, states collected most sales tax and individual income tax revenue, whereas localities collected nearly all property tax revenue.
January 1, 2024
January 1, 2024
In 2020, manufacturing businesses represented 4% of total active C-corporation returns, but paid nearly 30% of income tax after credits.
December 25, 2023
December 25, 2023
In 2021, state and local governments collected $59 per capita from taxes on cigarettes and related tobacco products. In real dollars, that is down from a recent peak of $71 in 2009.
December 18, 2023
December 18, 2023
The ratio of total debt payments to total income of all families across the US was 9.9% in 2022, the lowest it has been in 30+ years.
December 11, 2023
December 11, 2023
Among families who owned their primary residences in 2022, the median value of their primary residences was $330,000 for White families, $275,000 for Hispanic or Latino families, and $250,000 for Black families.
December 4, 2023
December 4, 2023
Between 1989 and 2022, in inflation-adjusted terms, the median net wealth of those with college degrees has increased 58%, whereas it has decreased 32% for those without high school diplomas. One explanation is the group without high school diplomas shrunk from 1989 to 2022.
November 27, 2023
November 27, 2023
Virtually all families hold some amount of financial assets, broadly defined. While 99% of families held checking or savings accounts in 2022, only 54% of families held retirement accounts and 21% owned stocks.
November 20, 2023
November 20, 2023
Stock holdings are much higher for families with the highest incomes. In 2022, the median value of stocks held by the top 10% of families by income was over $600,000, compared with around $8,000 for the bottom 20% of families by income.
November 13, 2023
November 13, 2023
Eligibility for the EITC has been expanded from the credit's inception in 1975. In 2021, the EITC was claimed on 31 million federal income tax returns.
November 6, 2023
November 6, 2023
State and local governments spent $143 per capita on parks and recreation in 2021. Spending has seen ups and downs in recent decades, and has generally grown from under $100 per capita in the 1970s and 1980s.
October 30, 2023
October 30, 2023
Residential energy credits tend to benefit higher income groups. In 2020, taxpayers with adjusted gross income (AGI) over $100,000 reported 48% of total AGI and claimed 54% of the credit amount, while those with AGI under $25,000 reported 5% of AGI and claimed 1% of the credit.
October 23, 2023
October 23, 2023
Itemizing, as opposed to claiming the standard deduction, is much more common among taxpayers with higher incomes. In 2020, 1% of taxpayers with incomes less than $25,000 itemized, compared with 72% of taxpayers with incomes over $1 million.