Federal tax revenue by state

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Topic: Federal tax revenue by state

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In the News (Sun 27 Dec 09)

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	Impact of Bush Plan on State Revenues: CTJ Analysis
		Notes: Pickup tax estimates for 2012 are based on estimated federal estate tax revenues in 2012 times the median of each state’s pickup tax as a percentage of the federal tax in fiscal 1996-99.
		The Joint Tax figures imply that the best-off one percent of taxpayers would take advantage of estate and gift tax repeal to avoid about a fifth of the federal income taxes they now pay on their capital gains, interest and dividends--an estimate that may well be conservative once creative lawyers and accountants get to work.
		The reduced federal income tax rates under the Bush plan, and the resulting AMT hike, would reduce the percentage of state income and property taxes that would be "exported" to the federal government in the form of reduced federal income taxes.
	www.ctj.org /html/statefx.htm

	The Decline of Corporate Income Tax Revenues, Rev. 10/24/03
		Corporate income tax revenues have declined not only in terms of the share of federal taxes that they comprise, but also when they are measured as a share of the economy (see Figure 2).
		The share that corporate tax revenues comprise of total federal tax revenues also has collapsed, falling from an average of 28 percent of federal revenues in the 1950s and 21 percent in the 1960s to an average of about 10 percent since the 1980s.
		Some argue that the weakness in corporate income tax revenues is, in part, a reflection of the decline in the number of C corporations, which peaked at 2.6 million in 1986.
	www.cbpp.org /10-16-03tax.htm

	Why Reagan's 1981 Tax Cut Didn't Boost Tax Revenues or Unleash the Economy
		Even though tax rates would be lower, income would raise by so much, they claimed, that tax revenue would rise.
		Instead, what boosted Federal tax revenues during the 1980's was not individual income taxes but payroll taxes (the tax taken out of your paycheck to pay for Social Security and Medicare).
		For one thing, the total tax burden in the US - that is, including all taxes, such as payroll, state, and local, as well as Federal income tax - has not changed much since 1950, hovering around 25-30%.
	homepages.kdsi.net /%7Esherman/rushmore.html

	Microsoft Pyramid Impact on Boeing and State Tax Revenues
		This has been an important source of revenue in Oregon where the top state income tax rate is 9 percent.
		Clearly, the federal government should disclose what percent of individual tax receipts were non qualified stock option wage gains for 1999 and 2000 and consider that these income levels may be non recurring given the recent drop in the stock market.
		Intel is now the largest source of both individual and corporate tax receipts for the State of Oregon.
	www.billparish.com /20010322boeingandmsft.html

	NPR : Estimates Show Tax Revenues Lowering Deficit
		An increase in tax revenues caused the latest 2005 budget projections to cut the estimated deficit by $88 billion.
		All Things Considered, August 15, 2005 · The federal budget deficit has declined somewhat, according to new numbers released by the Congressional Budget Office.
		The federal deficit has fluctuated in terms of both dollar totals and as a percentage of the U.S. economy.
	www.npr.org /templates/story/story.php?storyId=4800924&sourceCode=RSS

	NCPA - Study #159 - Tax Rates, Tax Revenues And Economic Growth
		Although the tax rates of people earning more than $100,000 (1929 dollars) fell by almost two-thirds, their share of total federal income tax revenue rose from 28 percent to 51 percent.
		Because the tax rate that maximizes tax revenue exceeds the tax rate that maximizes economic growth by a large factor, governments tend to grow to levels that reduce the potential future income of their citizens.
		Although the highest income tax rate was reduced from 70 percent to 28 percent (for the wealthiest taxpayers), the share of taxes paid by the top 1 percent of income earners grew from 18 percent in 1981 to more than 27 percent in 1988.
	www.ncpa.org /studies/s159/s159.html

	Projecting Federal Tax Revenues and the Effect of Changes in Tax Law
		For example, it is possible to identify the revenues produced by a new tax, such as the luxury tax on automobiles enacted in 1990, but even then it is difficult to assess the accuracy of the revenue estimates for the legislation because economic conditions change.
		A new excise tax, for example, is assumed to lower income and payroll tax revenues by drawing away income that would otherwise be taxable.
		The most important inputs for baseline revenue projections are the forecasts for growth in wage and salary income and in corporate profits, since those sources of income largely determine the tax base for individual income taxes, social insurance payroll taxes, and corporate income taxes, which together account for about 90 percent of federal revenues.
	www.cbo.gov /showdoc.cfm?index=1049&sequence=0&from=1

	The Christian Science Monitor csmonitor.com
		Federal corporate tax revenues were down 2.5 percent.
		Nonetheless, corporate tax revenues as a proportion of total corporate profits have fallen to 21.3 percent in fiscal 1999 from 26.6 percent in fiscal 1994.
		Indeed, corporate income tax revenues as a share of corporate profits are sliding.
	www.csmonitor.com /durable/1999/11/03/fp8s2-csm.shtml

	WILL THE GOVERNMENT COLLAPSE WITHOUT INCOME TAX REVENUES?
		The government is paying the bills with social security, excise taxes, military hardware sales, etc. Roughly $16 billion from the private "Fed" gets dumped into the Treasury under the Federal Reserve Act itself.
		The revenue chart shows that 41% of expected budget money comes from "income" taxes.
		Amendment, the income tax, social security, etc., that will tell us that they cannot defend their position.
	www.devvy.com /collapse.html

	Anoka County Library - Find
		Metropolitan Library Service Agency, using state and federal tax revenues.
		Part of theElectronic Library for Minnesota, purchased by the MINITEX Library Information Network, using state tax money.
		Purchased byAnoka County Library and Columbia Heights Public Library, using local tax money.
	www.anoka.lib.mn.us /find/onlineResources.htm

	OPISNet.com - Petroleum Terminal Encyclopedia
		• IRS Terminal Number - indicates that terminal participates in the ExStars program, the official Internal Revenue Service federal tax reporting system.
		the OPIS/STALSBY Petroleum Terminal Encyclopedia for more than 16 years to deliver up-to-date personnel information
		repairs, I rely on the OPIS/STALSBY Petroleum Terminal Encyclopedia
	www.opisnet.com /directories/pte.asp

	84rules.blog-city.com
		Tax regulations created by the Internal Revenue Service have increased in volume by 939 percent, and in April 2006, Americans will spend a combined total of 6.5 billion hours, at an estimated cost of close to $500 billion, in order to simply pay for the privilege of footing Washington's bill.
		It is a pity that the tax reform proposals offered by the President's Advisory Panel On Federal Tax Reform did not consider the Fair Tax as an option.
		It is probably impossible to calculate the exact value of all of this time wasted by every American who files Federal Income Taxes, but the Tax Foundation has estimated that, opportunity costs added with the $194 billion compliance cost mentioned earlier, equals a total cost for America exceeding $500 billion.
	84rules.blog-city.com (14328 words)

	Pitman Buck's Comments to President's Panel on Tax Reform
		Major premise: An individual who believes that he does not owe federal income taxes is prohibited by laws that prohibit perjury (such as Title 18 U.S.C. § 1621 and Title 26 U.S.C. § 7206) from self-assessing, under penalties of perjury, federal income taxes on Form 1040 (or on any form).
		States of America and the federal Internal Revenue Code (IRC), with emphasis on the income
		Conclusion: Therefore, IRS Form 1040 tax returns may not be compelled by the government.
	freedomlaw.com /Pitmantaxpanel.html (1076 words)

	NTA NEWS
		The revenue pick-up from federal business taxes would be unlikely to make up the difference, especially with the scheduled expiration of the possessions tax credit.
		Federal tax and spending policies are complex, and add yet another dimension to the already-complicated question of Puerto Rico’s status.
		On the business side, corporations chartered in Puerto Rico are considered “foreign” under the federal tax code and can use the same “deferral” tax benefit available to U.S. firms investing in foreign countries.
	www.ntanet.org /NTA_Network6.htm (1629 words)

	First Glimpse of New Income Tax Proposals
		The obvious problem is that this tax is projected to collect more than $1 trillion over the next ten years, so other tax increases are needed to make the overall proposal revenue neutral.
		Tax breaks for interest paid on a second home or a home equity loan or line of credit would be eliminated.
		Employer-provided tax breaks for health benefits would be limited to $11,500 for family coverage and $5,000 for individuals.
	www.fulcruminquiry.com /article24.htm (722 words)

	Empowerment Zone -- helping individuals and communities achieve self actualization and full citizenship
		Information about disability related tax provisions for individuals and businesses, published by the Internal Revenue Service and Department of Justice
		Summary of federal laws on access to technology by citizens with disabilities
		Policy for federal agencies on implementation of Section 504 of the Rehabilitation Act with respect to making public information available in accessible formats
	www.empowermentzone.com (10666 words)

	Tax Division Home Page
		Tax Division attorneys work closely with the Internal Revenue Service and United States Attorneys to develop tax administration policies; handle civil trial and appellate litigation in federal and state courts; pursue federal grand jury investigations; and handle criminal prosecutions and appeals.
		Tax Division attorneys seek to secure correct, uniform and fair interpretations of the internal revenue laws in federal district and appellate courts and to ensure that uniform standards are applied in criminal tax prosecutions.
		The Court of Federal Claims Section defends all tax suits filed in the United States Court of Federal Claims.
	www.usdoj.gov /tax (1894 words)

	HarpWeek Elections 1864 Overview
		In order to help pay for the extraordinary cost of the war, the Revenue Act of 1861 included the first federal income tax (repealed in 1872).
		The National Banking Act of 1863 established federally chartered banks, recognized the federal bank notes as legal tender, and levied a tax on state bank notes (to pressure state banks to become federal banks).
		The Pacific Railroad Act of 1862 was the fruition of years of lobbying for a railroad line that would connect the settled eastern part of the United States with the West Coast.
	elections.harpweek.com /1864/Overview-1864-1.htm (1894 words)

	Statistics Canada: Historical Statistics of Canada
		The statistical result of this arrangement is that federal tax revenues were increased and provincial tax revenues reduced, with the offsetting payment by the federal government to the provinces taking the form of an unconditional grant.
		In 1962, however, this tax rental system was replaced by a system of tax collection agreements, under which the federal government abated tax points and agreed to collect provincial taxes at rates chosen by the provinces.
		Revenue from liquor control boards has been separated for 1961 and later on the grounds that in many ways revenue from this source is more akin to excise taxes than to other enterprise revenue.
	www.statcan.ca /english/freepub/11-516-XIE/sectionh/sectionh.htm (1894 words)

	No. 96-0135
		The federal tax-law provision is found in § 593 of the Internal Revenue Code, 26 U.S.C. Section 71.04(9)(b), Stats.
		Thus, for example, in 1962, Lincoln was permitted to make an addition to its bad-debt reserve for federal tax purposes of $31,561; the 1962 addition to its bad-debt reserve for Wisconsin tax purposes was $22,683.
		For the years 1962 through 1986, Lincoln Savings Bank's federal bad-debt reserve balance equalled $3,375,023; Lincoln's Wisconsin bad-debt reserve balance for that period was $2,608,622.
	www.wisbar.org /res/capp/z1996/96-0135.htm (1894 words)

	revrul61-29
		Federal admissions tax returns may be open to inspection by state or local tax authorities upon request submitted to the Commissioner of Internal Revenue, Washington 25, D.C., in compliance with section 601.702 of the Statement of Procedural Rules, C.B. 1955-2, 921, at 994.
		Accordingly, it is held that any requests by state or local tax authorities for the inspection of returns covering the Federal admissions tax should be submitted to the Commissioner of Internal Revenue, Washington 25, D.C., in accordance with the above provisions.
		Section 601.702(a) of the Statement of Procedural Rules which were promulgated under the Internal Revenue Code of 1954, C.B. 1955-2, 921, at 994, sets forth certain procedures regarding the publication and public inspection of Federal tax returns and other matters of official record in the Internal Revenue Service.
	www.taxlinks.com /rulings/1961/revrul61-29.htm (1894 words)

	The Fair Tax Fraud - Mises Institute
		For years after 2007, "the rate of tax is the combined Federal tax rate percentage." This combined percentage is the total of three things: the general revenue rate (stated to be 14.91 percent); the old-age, survivors and disability insurance rate; and the hospital insurance rate.
		There shall be in the Department of the Treasury a Sales Tax Bureau to administer the national sales tax in those States where it is required pursuant to section 404, and to discharge other Federal duties and powers relating to the national sales tax (including those required by sections 402, 403, and 405).
		The tax reform plan we endorse is revenue neutral, collecting as much federal tax revenue as the current income tax code, including payroll withholding taxes.
	www.mises.org /story/1814 (1889 words)

	Affirmation of Your Tax-Exempt Status
		(Note: exemption from sales taxes is made under state, not Federal, law.)
		The letter describes government entity exemption from Federal income tax and citing applicable Internal Revenue Code sections pertaining to deductible contributions and income exclusion.
		In order for a government entity to receive a determination of its status as a political subdivision, instrumentality of government, or whether its revenue is exempt under Internal Revenue Code section 115, it must obtain a letter ruling by following the procedures specified in Revenue Procedure 2006-1 or its successor.
	www.irs.gov /govt/fslg/article/0,,id=112708,00.html (304 words)

	00-1128
		Act 708 stated as part of its purpose: "This Act is based upon the concept of filing Federal consolidated income tax returns." The Act further stated that corporations that qualify for filing a consolidated return are those eligible members of an affiliated group as that term is defined in 26 U.S.C. § 1504(a) and (b).
		Act 708 of 1979 specifically states that eligibility for becoming a member of an affiliated group for purposes of filing a consolidated Arkansas corporate income tax return is controlled by 26 U.S.C. § 1504 (a) and (b).
		Act 708 did not adopt or incorporate the federal regulation which provides the exemption from federal income tax for dividends paid by a corporation to a parent.
	courts.state.ar.us /opinions/2001a/20010510/00-1128.html (304 words)

	us-events
		Revenue Act authorizes sharing $30.2 billion of federal tax revenues with state and local governments over a five-year period.
		War Revenue Act imposes excises on luxuries and first federal inheritance tax, and authorizes sale of $200,000,000 in bonds at 3 percent.
		Revenue Act reduces wartime taxes by $6 billion, and ends excess profits tax.
	www.duke.edu /~charvey/Country_risk/chronology/us-events.htm (304 words)

	NCPA Taxes and Growth : Excise Taxes
		Federal Excise Tax Collections by Income Class - Federal excises will total about $66 billion in 2001, and state government will collect almost as much...
		Studies show that excise taxes burden the poor more than any other state or federal tax, and are often a backdoor way for state and federal legislators to balance deficits or fund new programs without cutting spending.
		Sales Tax Deduction Would Subsidize Bigger Government, Undermine Tax Reform - (06.09.04) This report critiques a House proposal to create a federal tax deduction for state and local sales tax.
	taxesandgrowth.ncpa.org /policy/Excise_Taxes (304 words)

	Canadian Federal Budget Commentary - February 28, 2000
		The Budget increases this by $2,500 to $3,000 annually, provided the student is enrolled in a program under which he or she is entitled to the education tax credit (usually programs at the post-secondary level and certified occupational skill training).
		Individuals with income earned in Canada, but not earned in a province, currently pay a 52% federal surtax in lieu of provincial tax.
		The export-revenue and value-added tests will be applied at each year end to determine eligibility for continued use of the tax-free certificate.
	www.lawinternational.com /articles/cbudget.html (6286 words)

	Tax Division Home Page
		Tax Division attorneys work closely with the Internal Revenue Service and United States Attorneys to develop tax administration policies; handle civil trial and appellate litigation in federal and state courts; pursue federal grand jury investigations; and handle criminal prosecutions and appeals.
		Tax Division attorneys seek to secure correct, uniform and fair interpretations of the internal revenue laws in federal district and appellate courts and to ensure that uniform standards are applied in criminal tax prosecutions.
		The Division's authority is codified at 28 C.F.R. This centralized control of tax litigation better enables the government to take consistent positions on tax issues and thereby promote the fair and uniform enforcement of the tax laws.
	www.usdoj.gov /tax (1894 words)

	Brookings: Campaign Finance Reform: Sourcebook, Abridged, Chapter 2
		Another important feature of the Revenue Act was the creation of a federal income tax credit or tax deduction for small contributions to political candidates at all levels of government and to some political committees, including those associated with national party organizations.
		This tax benefit was modified by the Revenue Act of 1978, which eliminated the tax deduction option and doubled the maximum allowable tax credit (document 2.11).
		The Pendleton Act sought to restrain the influence of the spoils system in the selection of civil service workers and to reduce the reliance of party organizations on the assessment of federal officeholders as a source of campaign revenue.
	www.brook.edu /dybdocroot/gs/CF/sourcebk/CHAP2.HTM (1894 words)

	Brookings: Campaign Finance Reform: Sourcebook, Abridged, Chapter 2
		Another important feature of the Revenue Act was the creation of a federal income tax credit or tax deduction for small contributions to political candidates at all levels of government and to some political committees, including those associated with national party organizations.
		This tax benefit was modified by the Revenue Act of 1978, which eliminated the tax deduction option and doubled the maximum allowable tax credit (document 2.11).
		The Pendleton Act sought to restrain the influence of the spoils system in the selection of civil service workers and to reduce the reliance of party organizations on the assessment of federal officeholders as a source of campaign revenue.
	www.brook.edu /dybdocroot/GS/cf/sourcebk/CHAP2.HTM (1894 words)

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In the News (Sun 27 Dec 09)