Key Points: The federal deficit has been a controversial subject as the Biden Administration blames the 2017 Tax Cuts and Jobs Act and aims to increase taxes as a solution. However, data from the Congressional Budget Office shows the contrary. The government collected $627 billion more than it did in fiscal 2020, pulling in a […]
Read MoreTHERIGHTFACTS.ORG
The Data that Drives Policy Lives Here.
BIDEN PLAN’S TOP TAX RATES EXCEED 60% IN 3 STATES AND NYC
Key Points: New analysis from the Tax Foundation found that the Biden tax plan would yield combined top marginal state and local rates above 60% in three states and New York city. California would have the highest rates at 62.64%, followed by New York City at 62.03%, Hawaii at 60.34%, and New Jersey at 60.09% […]
Read MoreCOMPARING BIDEN AND TRUMP TAX PLANS
Key Points: Joe Biden’s proposed tax policy has been released. The chart above compares the proposed plan against Trump’s existing tax policies. While these figures use the highest rates across the four categories, Biden’s plan would increase taxes across the board. Biden has pledged not to raise taxes for Americans with income under $400K, but […]
Read MoreTCJA BENEFITED MIDDLE CLASS MOST, TAXES REDUCED BY DOUBLE DIGIT PERCENTAGES
Key Points: The IRS released 2018 income statistics showing the reduction in federal tax liability from 2017-2018 by income brackets. Middle-income earners saw the largest percentage tax cuts from the 2017 Tax Cuts and Jobs Act (TCJA). Taxpayers earning less than $100,000 saw double digit percent decreases and those making at least $1,000,000 saw single […]
Read More2017 CORPORATE TAX CUTS MADE U.S. COMPETITIVE, INCREASED GROWTH
KEY POINTS: At the beginning of the century corporate tax rates in the G7 industrial countries were all about the same at the national level, though state corporate rates made this higher in the United States. Our G7 competitors began slashing their rates throughout the first decade and a half of the century so that […]
Read MoreREPEALING TCJA WOULD RAISE TAXES ON NEARLY ALL AMERICANS
Key Points: Repealing the 2017 tax cuts will raise taxes on individual families. The Right Facts has calculated the additional amount of income facing taxation (figure above) and the additional tax burden (tables below). Absent the 2017 tax cuts, single filers/heads of household with one dependent will be taxed on an additional $7,523 in income. […]
Read MoreInvestment Up As Expected Under TCJA
Key Points: The Tax Cut and Jobs Act (TCJA) lowered the cost for businesses to purchase new capital. Nonresidential fixed capital investment had plateaued in 2015 and 2016. Key TCJA components were retroactive to 2017:Q4 and that is when investment began to accelerate. In 2019, the amount of productive capital in the U.S. continued to […]
Read MoreUPDATE: Labor Force Participation Rate Up Since Tax Cuts
While many claimed the drop in workforce participation in 2012 was part of a long-term trend, the turnaround following the 2017 tax cuts suggests otherwise. More people are working across age groups and the increased participation is large. Key Points: After the 2012 tax hike, the labor force participation rate dropped for all age groups. […]
Read MoreTax Cuts: More Workers Tax Increases: Fewer Workers
While many claim that the drop in workforce participation in 2012 was part of a long-term trend, the turnaround following the 2017 tax cuts suggests otherwise. Not only are more people working across age groups, but the improvement is actually quite enormous. Analysis: The labor force participation rate dropped in the 21 months after the […]
Read More