How Marginal Tax Rates and Breaks Affect What You Pay
The percentage of income that Americans pay in taxes can vary widely and depend on many factors.
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The percentage of income that Americans pay in taxes can vary widely and depend on many factors.
The fairness of our federal tax system is a hotly debated issue. 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.
Following the 2017 tax reform, the federal statutory corporate tax rate in the United States is now more in line with many other OECD countries.
https://www.pgpf.org/chart-archive/0273_statutory_corporate_income_tax_rates
As a share of GDP, the U.S. corporate income tax revenue is the lowest among G7 countries.
Eight popular tax provisions accounted for a large majority of annual tax expenditures.
https://www.pgpf.org/chart-archive/0009_largest-tax-expenditures
The top 1 percent of taxpayers generate 30 percent of individual income tax revenues.
The top 1 percent of taxpayers receive 19 percent of the benefit from individual income tax expenditures.
Corporate tax revenues are substantially lower than they were before the tax rate was reduced by the TCJA.
https://www.pgpf.org/chart-archive/0304_corporate_tax_reduced_tcja