GOP presidential candidate Donald Trump’s tariffs would raise $2.8 trillion over 10 years, but even that would fall far short of paying for his ideas.

Rainy day funds, also known as budget stabilization funds, allow states to set aside surplus revenue for use during unexpected deficits. Every state has some type of rainy day fund, though deposit and ...

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 ...

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 ...

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

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, ...

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 ...

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 ...

The federal individual income tax has seven tax rates ranging from 10 percent to 37 percent (table 1). The rates apply to taxable income—adjusted gross income minus either the standard deduction or ...

Almost all taxpayers may establish IRAs, but high-income taxpayers are more likely to have an account. Taxpayers may either contribute to IRAs annually—or roll over balances from employer-sponsored ...

The individual income tax deduction for charitable giving provides a substantial incentive to give by reducing the taxpayer’s cost of donating. In 2023, charitable giving by individuals is estimated ...

Severance taxes are taxes on the extraction of natural resources such as oil and natural gas. State and local governments collected a combined $11.8 billion in revenue from severance taxes in 2021.