Last month the National Priorities Project re-launched a major portion of our website, organizing our federal budget research content into eight issue areas:
- Transparency and Data
- Debt and Deficit
- Taxes and Revenue
- Military and Security
- Budget Process
- Health Care
- Social Insurance, Earned Benefits, and Entitlements
This week, we bring you key highlights on taxes and revenue:
- Corporate income taxes are projected to account for less than 14 percent of all federal tax revenue in fiscal 2015. Meanwhile, taxes paid by regular Americans accounts for 46 percent of all federal revenues.
- Loopholes, credits, and deductions in the tax code together are projected to exceed $1.2 trillion in lost revenue in 2015, more than the entire discretionary budget.
- Because our tax code is chock full of tax breaks, some corporations, like Bank of America and Citigroup, have gotten away with paying zero federal income taxes, even when they earn billions in profit.
For more on taxes and revenue, check out our video and factsheet.
We'll continue to shine the spotlight on our other areas of work in the weeks to come. In the meantime, check out updated website for factsheets, interactive rools, and local federal budget data.