Where Do Federal Tax Revenues Come From? Indiv Inc tx: 47%, Payroll txs: 34%, Corp Inc tx: 10%

[Bill USA]

http://www.cbpp.org/cms/?fa=view&id=3822

In fiscal year 2013, the federal government spent $3.5 trillion on the services it provides, such as national defense, health care programs like Medicare and Medicaid, Social Security benefits for the elderly and disabled, and investments in infrastructure and education, in addition to interest on the debt (see our related Policy Basics: Where Do Our Federal Tax Dollars Go?). Federal revenues financed close to $2.8 trillion of that $3.5 trillion. Borrowing financed the remaining amount ($680 billion); future taxpayers will ultimately pay this deficit.
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The three main sources of federal tax revenue are individual income taxes, payroll taxes, and corporate income taxes; other sources of tax revenue include excise taxes, the estate tax, and other taxes and fees.

Almost half of all federal revenue (47 percent) comes from individual income taxes. The income tax is generally progressive: higher-income households pay a larger share of their income in income taxes than lower-income households do.

Another 34 percent of revenue comes from payroll taxes, which are assessed on the wage or salary paychecks of almost all workers and used to fund Social Security, Medicare Hospital Insurance, and unemployment insurance. By law, employers and employees split the cost of payroll taxes, but research has shown that employers pass their portion of the cost on to workers in the form of lower wages.


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[HooptieWagon]

1. In 1960, Corporate Income taxes...

...were about 2/3 of Federal Tax Revenue. And this, despite the top Individual Tax Rate of 90%.