The Budget Control Act of 2011 (BCA) legislated $500 billion of cuts to the national defense budget over the next ten years—an abrupt change that could weaken the Department of Defense (DoD) if the cuts are not distributed efficiently. However, as this graph demonstrates, sudden and significant changes to defense spending are not new challenges.
This chart documents the sharp rise in state and local use of targeted business incentives for export-base industries (businesses that sell outside the local area or compete with goods and services from outside the local area). These incentives—job creation, investment, and R&D tax credits, as well as property tax abatements and job training subsidies—collectively rose from 0.5 percent of business value added in 1990 to 1.4 percent in 2015.
This chart presents the schedule for the Earned Income Tax Credit (EITC) for tax year 2014 and possible adjustments to maximize the impact.
This figure shows how SNAP has historically tracked rates of unemployment and economic downturns closely (denoted by the teal dotted line and gray bars, respectively). SNAP participation rates (as seen in the shaded blue area) are expected to fall as the economy continues to recover, as would be expected based on the pattern observed in previous recessions.
This figure compares the level of a household’s spending on food to the TFP level for its family size using data from the Consumer Expenditure Surveys from 1989 through 2011.
As shown in this chart, marginal tax rates are highest for those families with income at or above the FPL.