The Six Largest Corporate Tax Expenditures
Relative to the size of the economy, the U.S. collects less revenues than many other advanced countries. Tax expenditures are a contributing reason.
Read MoreWhat’s the Difference Between the Trade Deficit and Budget Deficit?
The terms “budget deficit” and “trade deficit” can be conflated, but they are distinct measurements of important fiscal and economic concepts.
Read MoreUnderstanding the New Senior Deduction in the One Big Beautiful Bill Act
The senior deduction adds complexity to the tax code, and fewer than half of seniors will benefit from it.
Read MoreWhat Are Estate and Gift Taxes and How Do They Work?
Estate and gift taxes produce relatively lower revenue compared to other sources, but they generate a significant amount of attention, and even controversy.
Read MoreBudget Basics: How Does Social Security Work?
Social Security is the largest single program in the federal budget and typically makes up one-fifth of total federal spending.
Read More10 of the Largest Tax Breaks Explained
Tax breaks totaled over $2.0 trillion in 2025. That’s more than the government spends on Social Security, defense, or Medicare and Medicaid.
Read More8 Key Charts on Tax Breaks
The cost of tax breaks was greater than the size of the deficit in 2025.
Read MoreBudget Basics: What Is the Child Tax Credit?
The CTC provides assistance to families with children, and while it represents a relatively modest part of overall government spending, it is one of the largest tax expenditures.
Read MoreBudget Basics: Tax Expenditures
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
Read MoreBudget Basics: Unemployment Insurance Explained
The Unemployment Insurance program is a key counter-cyclical tool to help stabilize the economy and speed recovery during downturns or crises.
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