Tax Credits

The U.S. tax code contains many preferences, such as tax credits, that lower the amount of taxes owed. Some of those tax credits are “refundable,” which means that people can receive payments from the government if the amount of their credit exceeds their other tax liabilities. CBO analyzes the effects on the economy and the federal budget of existing tax credits and possible changes to tax credits.

Report
Budgetary Outcomes Under Alternative Assumptions About Spending and Revenues
May 16, 2023
CBO provides information about how its most recent budget projections would change under different assumptions about future legislated policies.
Report
Options for Reducing the Deficit, 2023 to 2032--Volume II: Smaller Reductions
December 7, 2022
CBO issues a volume that contains short descriptions of 59 policy options that would each reduce the federal budget deficit by less than $300 billion over the next 10 years.
Report
The Distribution of Household Income, 2019
November 15, 2022
CBO regularly analyzes the distribution of income in the United States and how it has changed over time. This report presents the distributions of household income, means-tested transfers, and federal taxes between 1979 and 2019.
Report
The Effects of Pandemic-Related Legislation on Output
September 18, 2020
By providing financial support to households, businesses, and state and local governments, federal laws enacted in response to the 2020 coronavirus pandemic will offset part of the deterioration in economic conditions brought about by the pandemic.