Taxes
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Report
The Budget and Economic Outlook: 2017 to 2027
January 24, 2017If current laws remained generally unchanged, deficits would follow an upward trajectory over the next decade, driving up federal debt. CBO projects moderate economic growth during that period.
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Blog Post
Uncertainties in the Economic Outlook
September 7, 2016CBO discusses several uncertainties in the outlook for the U.S. economy, as described in An Update to the Budget and Economic Outlook: 2016 to 2026.
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Report
The Distribution of Asset Holdings and Capital Gains
August 4, 2016In this report, CBO and the staff of the Joint Committee on Taxation examine the distribution of capital assets and net capital gains and losses in 2010 by type of asset and by the income and age of the asset holder.
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Report
The Distribution of Household Income and Federal Taxes, 2013
June 8, 2016In 2013, households in the top, middle, and bottom income quintiles received 53, 14, and 5 percent, respectively, of the nation’s before-tax income and paid 69, 9, and 1 percent, respectively, of federal taxes.
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Report
An Analysis of the President’s 2017 Budget
March 29, 2016CBO and the staff of the Joint Committee on Taxation (JCT) project that, between 2017 and 2026, the President’s budget would result in deficits averaging 3 percent of GDP and totaling $6.9 trillion, $2.4 trillion less than CBO’s baseline.
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Report
Updated Budget Projections: 2016 to 2026
March 24, 2016CBO projects a $534 billion deficit in fiscal year 2016, about $100 billion more than in 2015. If current laws generally remained unchanged, the deficit would increase from 2.9 percent to 4.9 percent of GDP over the next decade.
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Report
The Budget and Economic Outlook: 2016 to 2026
January 25, 2016CBO estimates that the federal budget deficit in 2016 will be $544 billion, raising debt held by the public to 76 percent of GDP. Solid short-term growth in the economy is projected to be followed by slower growth in subsequent years.
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Report
Effective Marginal Tax Rates for Low- and Moderate-Income Workers in 2016
November 19, 2015In 2016, low- and moderate-income workers will face an effective marginal tax rate of 31 percent, on average. Federal individual income and payroll taxes will be the main contributors.
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Report
CBO’s Revenue Forecasting Record
November 10, 2015CBO’s revenue projections since 1982 have, on average, been a bit too high—more so for projections spanning six years than for those spanning two—but their overall accuracy has been similar to that of the projections of other agencies.
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Report
Taxing Capital Income: Effective Marginal Tax Rates Under 2014 Law and Selected Policy Options
December 18, 2014On average, the effective marginal tax rate on capital income is 18 percent, but that rate varies significantly by sector. In this report, CBO estimates effective rates under current law and eight policy options.
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Report
The Distribution of Household Income and Federal Taxes, 2011
November 12, 2014In 2011, households in the top, middle, and bottom quintiles received 52, 14, and 5 percent of the nation’s before-tax income, respectively; the shares of federal taxes paid by those households were 69, 9, and 1 percent.
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Report
Choices for Deficit Reduction: An Update
December 20, 2013Federal debt is projected to rise significantly over the long term. What policy changes could reduce future deficits and thus lower the trajectory of federal debt? What criteria might be used to evaluate those policy changes?
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Report
The Distribution of Major Tax Expenditures in the Individual Income Tax System
May 29, 2013In 2013, the benefits of 10 of the largest tax expenditures will equal 11.7 percent of income for households in the lowest income quintile, 9.4 percent for the highest quintile, and under 8 percent for the middle quintiles, CBO estimates.