![]() ![]() ![]() Affluent Americans pay a larger share of their income in individual income taxes, corporate taxes, and estate taxes than do lower-income groups. While nearly all Americans pay taxes, the composition of the type of taxes paid is very different for taxpayers at various points in the income distribution. Other sources include estate and gift taxes and payments to the Federal Reserve.Customs duties are taxes imposed on specific imported goods.Excise taxes are indirect levies upon transactions of particular goods or activities, such as gasoline, alcohol, or gambling. ![]() In 2021, the effective corporate tax rate at the federal level was 20 percent The government also collects taxes on the profits of corporations.Payroll taxes are deducted from workers' paychecks through a line item called FICA, which stands for the Federal Insurance Contributions Act. Payroll taxes, which help to finance Social Security, Medicare, and unemployment benefits, are the second-largest source of federal revenues and make up about one-third of total receipts annually.Income taxes are levies on wages and salaries, income from investments, and other income. Individual income taxes – the largest source of tax revenues and half of total annual receipts.The federal government collects revenues from a variety of sources such as: Using 2022 data from the Tax Policy Center (TPC) and the Congressional Budget Office (CBO), to reflect a typical year before the COVID pandemic, we can examine the broader federal tax system. Too often, however, those debates confuse or misrepresent important facts because they focus on one type of tax in isolation rather than the various taxes that people face in aggregate. The fairness of our federal tax system is a hotly debated issue. ![]()
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