The U.S. government spent $659 billion this year paying off the interest on its debt, according to a Treasury report released Friday.

The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and record-high interest costs on the federal debt rose.

People's Pie is a balancing act! You must fund important programs without setting tax rates too high or borrowing too much money. To succeed, you must keep your residents happy and avoid a burdensome national debt. Are you ready for a piece of People’s Pie? In People's Pie, you will:

The federal deficit in 2022 was $1.4 trillion, equal to 5.5 percent of gross domestic product, almost 2 percentage points greater than the average over the past 50 years.

This annual publication provides details of taxes paid on wages in OECD countries. This year’s edition focuses on the impact of recent inflation on labour taxation in the OECD and how countries adjust their tax systems in response.

Exploring the impact of the United States's latest credit rating downgrade and what it means for investor confidence at home and abroad

It might have more to do with the country’s political dysfunction than with its solvency.

The biggest tax policy changes enacted under President George W. Bush were the 2001 and 2003 tax cuts, often referred to as the “Bush tax cuts” but formally named the Economic Growth and Tax...

Federal Debt: Total Public Debt as Percent of Gross Domestic Product

This paper considers top income taxation when (i) new ideas drive economic growth, (ii) the reward for successful innovation is a top income, and (iii) innovation cannot be perfectly targeted by a research subsidy—think about the business methods of Walmart, the creation of Uber, or the “idea” of Amazon. These conditions lead to a new force affecting the optimal top tax rate: by slowing the creation of new ideas that drive aggregate GDP, top income taxation reduces everyone’s income, not just income at the top. This force sharply constrains both revenue-maximizing and welfare-maximizing top tax rates.

The agreement secures some GOP priorities on spending, permits and the safety net, but left the heart of President Joe Biden's agenda intact — at least until the next fight.

The losses accelerated the trend of high-earners relocating to lower-tax states like Florida and Texas.

There's a common myth about who pays their fair share, and who doesn't.Subscribe to our channel! http://goo.gl/0bsAjOYou might have heard that the poor in Am...

New York City may be known as the bagel capital of the world, but its inhabitants are subject to a "bagel tax" whenever they choose to buy a pre-sliced bagel with cream cheese.

Buying U.S. government bonds is among the safest investments you can make. In fact, people often put their college funds and retirement savings into bonds. I...

The sugar-sweetened beverage, or SSB, tax, implemented in Oakland in 2017, significantly reduced the number of purchases of soda and sugary drinks, according to a study published Tuesday in PLOS Medicine.

Global defense spending hit record $2.2 trillion last year.

The flawed assumptions of the House GOP’s revived plan for work requirements.

TAX DAY! We know that you have filed a long time ago but if you need a reminder! What a great day to talk about where your tax $$ are going in class! So many economic concepts that you can cover! Where would you allocate the money? What are the trade-offs? #TeachEcon #TaxDay pic.twitter.com/99cs6XZBLk— NAEEnet (@NAEEnet) April 18, 2023

Without the Bush and Trump tax cuts, debt as a percentage of the economy would be declining permanently.

A new report by WalletHub measured how much people pay in property, income and sales tax in proportion to the amount of money they make.

No two state tax systems are the same; this report provides detailed analyses of the features of every state tax code.

How the US government spends more money than it collects

Each year's federal budget must be approved by Congress and signed by the President. Despite agreeing on a budget, the federal government will likely not raise enough tax revenue to match its spending projections.

Check out @FiscalService Fiscal Data’s new federal spending page! #FederalSpending