In 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.
November 2015
In fiscal year 2015, the federal government supported the development, production, and use of fuels and energy technologies through tax preferences totaling $15.8 billion and spending by the Department of Energy totaling $5.4 billion.
CBO'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.
In fiscal year 2015, which ended on September 30, the federal budget deficit totaled $439 billion—$44 billion less than the shortfall in 2014. Fiscal year 2015 was the sixth consecutive year in which the deficit declined as a share of the nation's gross domestic product.
CBO Director Keith Hall spoke to the Board of Trustees for the Manufacturers Alliance for Productivity and Innovation about CBO’s latest long-term projections.
CBO has assessed how much the supply of various types of renewable fuels would have to increase over the next several years to comply with the Renewable Fuel Standard (RFS), and how food and fuel prices would vary in three scenarios.